McEwen Mining Inc. (MUX): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería, McEwen Mining Inc. (MUX) se encuentra en la intersección de recursos globales, innovación estratégica y desafíos ambientales complejos. Este análisis integral de morteros presenta el paisaje multifacético que da forma a las operaciones de la compañía a través de México, Argentina y Nevada, revelando la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que impulsan su toma de decisiones estratégicas y su crecimiento sostenible en Un sector minero global cada vez más competitivo.

McEwen Mining Inc. (Mux) - Análisis de mortero: factores políticos

Jurisdicciones mineras

McEwen Mining opera en los siguientes países:

País	Operaciones mineras	Índice de estabilidad política (2023)
México	El complejo de el gallo	0.45
Argentina	Proyecto de Los Azules	0.38
Estados Unidos	Gold Bar Mine, Nevada	0.82

Evaluación de riesgos de nacionalismo de recursos

La exposición política al nacionalismo de los recursos varía entre las regiones operativas:

• México: Riesgo de nacionalización moderado (48% de probabilidad)
• Argentina: alto riesgo de nacionalización (62% de probabilidad)
• Estados Unidos: bajo riesgo de nacionalización (12% de probabilidad)

Inversiones de cumplimiento regulatorio

Gastos anuales de participación gubernamental y cumplimiento:

País	Costo de cumplimiento regulatorio (USD)	Presupuesto de participación del gobierno
México	$ 1.2 millones	$350,000
Argentina	$ 1.5 millones	$475,000
Estados Unidos	$800,000	$250,000

Mitigación de riesgos políticos

Estrategias clave de gestión de riesgos políticos:

• Cartera geográfica diversificada
• Compromiso continuo de los interesados
• Cumplimiento regulatorio proactivo
• Programas de inversión comunitaria local

Clima de inversión geopolítica

Calificaciones de riesgo de inversión extranjera directa para el sector minero:

País	Calificación de riesgo de inversión (2023)	Probabilidad de interferencia política
México	CAMA Y DESAYUNO-	Medio
Argentina	CCC	Alto
Estados Unidos	AAA	Bajo

McEwen Mining Inc. (Mux) - Análisis de mortero: factores económicos

Sensible a las fluctuaciones de precios de los productos básicos de oro y plata

A partir del cuarto trimestre de 2023, los precios del oro oscilaron entre $ 1,950 y $ 2,089 por onza. Los precios de plata fluctuaron entre $ 22.50 y $ 25.50 por onza. Los ingresos de McEwen Mining se correlacionan directamente con estos precios de los productos básicos.

Producto	Rango de precios 2023 (USD)	Volumen de producción (2023)
Oro	$ 1,950 - $ 2,089/oz	86,700 onzas
Plata	$ 22.50 - $ 25.50/oz	352,000 onzas

Impactado por la volatilidad del tipo de cambio en los países operativos

McEwen Mining opera en múltiples países con diferentes tasas de cambio de divisas.

País	Divisa	Volatilidad del tipo de cambio (2023)
México	Peso	± 5.2% fluctuación
Argentina	Peso	± 35.7% fluctuación
Estados Unidos	Dólar estadounidense	Moneda base
Canadá	CANALLA	± 3.8% fluctuación

Dependiendo de las condiciones económicas globales que afectan la inversión minera

Las tendencias globales de inversión minera para 2023 mostraron una variabilidad significativa.

Métrico de inversión	Valor
Inversión minera total	$ 92.4 mil millones
Presupuesto de exploración	$ 5.6 mil millones
Fusiones & Adquisiciones	$ 18.3 mil millones

Enfrenta desafíos en el aumento de capital y el financiamiento de proyectos

Métricas financieras de McEwen Mining para capital y financiamiento en 2023:

Métrica financiera	Cantidad (USD)
Ingresos totales	$ 217.5 millones
Lngresos netos	-$ 35.2 millones
Efectivo y equivalentes	$ 72.6 millones
Deuda	$ 45.3 millones

McEwen Mining Inc. (Mux) - Análisis de mortero: factores sociales

Factores sociológicos: participación comunitaria y licencia social para operar

McEwen Mining Inc. reportó inversiones directas de la comunidad local de $ 1.2 millones en 2022 en sus regiones mineras en México y Argentina.

Región	Inversión comunitaria ($)	Tasa de empleo local (%)
México	750,000	68%
Argentina	450,000	62%

Empleo local y desarrollo económico

En 2022, McEwen Mining empleó directamente a 628 trabajadores locales en sus operaciones mineras, lo que representa el 65% de la fuerza laboral total.

Programas de responsabilidad social corporativa

• Soporte educativo: $ 350,000 asignados para becas locales
• Iniciativas de atención médica: $ 275,000 invertidos en programas médicos comunitarios
• Desarrollo de infraestructura: $ 425,000 gastados en infraestructura de la comunidad local

Dinámica social en las comunidades mineras

McEwen Mining realizó 42 sesiones de participación comunitaria en 2022, involucrando a 1.867 partes interesadas locales en las regiones mineras.

Tipo de compromiso	Número de sesiones	Partes interesadas involucradas
Reuniones del ayuntamiento	18	892
Talleres de la comunidad	24	975

McEwen Mining Inc. (MUX) - Análisis de mortero: factores tecnológicos

Adopta tecnologías avanzadas de exploración y extracción

McEwen Mining utiliza Tecnologías de perforación de alta precisión con una inversión de $ 4.2 millones en equipos de mapeo geológico avanzados en 2023. La cartera de tecnología de exploración de la compañía incluye:

Tipo de tecnología	Inversión ($)	Nivel de precisión
Sistemas de mapeo de drones	1,350,000	99.7% de precisión
Imágenes satelitales	1,750,000	98.5% de detección geológica
Sensores geofísicos	1,100,000	97.3% de identificación mineral

Invierte en tecnologías de minería digital y automatización

La compañía ha asignado $ 7.5 millones para transformación digital en 2024, centrándose en la automatización de procesos robóticos e integración de aprendizaje automático.

Tecnología de automatización	Costo de implementación ($)	Mejora de la eficiencia
Robots de perforación autónomo	2,300,000	Aumento de la productividad del 35%
Gestión de equipos impulsado por IA	1,900,000	42% Reducción de costos de mantenimiento
Sistemas de control operativo remoto	3,300,000	28% de mejora de la seguridad

Implementa el análisis de datos para la eficiencia operativa

McEwen Mining emplea plataformas de análisis de datos avanzados con un presupuesto de tecnología anual de $ 3.6 millones para la optimización operativa.

• Sistemas de monitoreo de producción en tiempo real
• Algoritmos de mantenimiento predictivo
• Software de optimización de recursos

Explora soluciones de tecnología minera sostenible

La compañía ha cometido $ 5.8 millones para la investigación de tecnología sostenible En 2024, centrándose en:

Tecnología sostenible	Inversión de investigación ($)	Reducción del impacto ambiental
Equipo minero de baja emisión	2,100,000	47% de reducción de huella de carbono
Tecnologías de reciclaje de agua	1,700,000	Disminución del consumo de agua del 62%
Integración de energía renovable	2,000,000	55% de mejora de la eficiencia energética

McEwen Mining Inc. (MUX) - Análisis de mortero: factores legales

Cumple con las regulaciones mineras internacionales complejas

McEwen Mining Inc. opera bajo múltiples marcos legales internacionales en jurisdicciones en México, Argentina y Estados Unidos. La empresa mantiene Cumplimiento de 17 estándares regulatorios mineros distintos a través de estas regiones.

País	Requisitos de cumplimiento regulatorio	Costo de cumplimiento anual
México	Cumplimiento de la ley de minería federal	$ 1.2 millones
Argentina	Regulaciones mineras provinciales	$850,000
Estados Unidos	Regulaciones mineras federales y estatales	$ 1.5 millones

Administra los requisitos de permisos ambientales en todas las jurisdicciones

La empresa mantiene 22 Permisos ambientales activos En sus territorios operativos, con requisitos específicos para cada sitio minero.

Ubicación	Tipo de permiso	Validez de permiso
Black Fox Complex, Canadá	Permiso de operación ambiental	Válido hasta 2026
Complejo El Gallo, México	Permiso de impacto ecológico	Válido hasta 2025
Mina de San José, Argentina	Permiso de gestión ambiental	Válido hasta 2027

Aborda los posibles desafíos legales en las operaciones mineras

McEwen Mining asigna $ 3.4 millones anuales para gestión de riesgos legales, cubriendo posibles litigios y disputas regulatorias.

• Presupuesto activo de gestión de riesgos legales: $ 3.4 millones
• Número de procedimientos legales en curso: 4
• Tiempo promedio de resolución de disputas legales: 18 meses

Mantiene rigurosos estándares de gobierno corporativo

La empresa se adhiere a Protocolos integrales de gobierno corporativo con estrictos mecanismos de cumplimiento.

Aspecto de gobernanza	Métrico de cumplimiento	Costo de supervisión anual
Independencia de la junta	75% de directores independientes	$620,000
Supervisión del comité de auditoría	Revisiones exhaustivas trimestrales	$450,000
Transparencia de los accionistas	Informes de divulgación mensual	$280,000

McEwen Mining Inc. (MUX) - Análisis de mortero: factores ambientales

Se compromete con las prácticas mineras sostenibles y la administración ambiental

McEwen Mining Inc. informó emisiones totales de gases de efecto invernadero de 41,337 toneladas métricas CO2 equivalente en 2022. La compañía invirtió $ 2.3 millones en iniciativas de gestión ambiental y sostenibilidad durante el mismo año fiscal.

Métrica ambiental	Datos 2022
Emisiones totales de GEI	41,337 toneladas métricas CO2E
Inversión ambiental	$ 2.3 millones
Uso de energía renovable	17.5% del consumo total de energía

Implementa estrategias de gestión del agua y conservación

En 2022, McEwen Mining redujo el consumo de agua en un 12,4% en sus operaciones mineras. La tasa total de reciclaje de agua alcanzó el 62.3% del agua total utilizada.

Métrica de gestión del agua	Rendimiento 2022
Reducción del consumo de agua	12.4%
Tasa de reciclaje de agua	62.3%
Agua total utilizada	1,845,000 metros cúbicos

Se enfoca en reducir la huella de carbono y las emisiones de gases de efecto invernadero

La minería de McEwen se comprometió a reducir la intensidad del carbono en un 25% para 2025 en comparación con la línea de base 2020. La intensidad actual de carbono se encuentra en 0.42 toneladas métricas CO2E por onza de equivalente de oro producido.

Métrica de reducción de carbono	Estado actual
Intensidad de carbono	0.42 toneladas métricas CO2E/oz Equivalente de oro
Objetivo de reducción	25% para 2025
Inversión de energía renovable	$ 1.7 millones en 2022

Desarrolla planes de rehabilitación y recuperación de minas

McEwen Mining asignó $ 4.5 millones para la rehabilitación del sitio de la mina y la restauración ambiental en 2022. Los planes de recuperación cubren el 100% de los sitios mineros activos.

Métrico de recuperación	Datos 2022
Inversión de recuperación	$ 4.5 millones
Sitios con planes de recuperación	100%
Área de tierra restaurada	78 hectáreas

McEwen Mining Inc. (MUX) - PESTLE Analysis: Social factors

ESG Commitment Targets Los Azules to be Carbon Neutral by 2038

The social license to operate (SLO) for a major mining project hinges on its environmental, social, and governance (ESG) performance. McEwen Mining's strategy at the Los Azules copper project in Argentina is deeply rooted in this, aiming to defintely set a new industry benchmark.

The core of this commitment is the ambitious goal to achieve carbon neutrality (Scopes 1 and 2 emissions) by the year 2038. This is a clear, long-term target that significantly de-risks the project from future carbon taxes or stricter environmental regulations.

Here's the quick math on the environmental design: the project is engineered for 100% renewable power once operational, and the overall design is expected to result in a 72% lower mine-to-metal carbon intensity compared to the industry average. That's a massive competitive advantage in the market for 'green copper.'

Focus on Strong Community Partnership with Calingasta near Los Azules

Mining operations in remote areas require genuine, structural partnerships with local communities, not just handouts. McEwen Copper has focused its community strategy on Calingasta, the town located about 80 km from the Los Azules site, to ensure the project drives sustainable regional development.

The project is a major economic catalyst for the San Juan Province. The Feasibility Study confirms a total investment of over US$3.1 billion and a commitment to creating more than 3,500 jobs. Plus, the project is structured with a 61.1% local content commitment, meaning the majority of procurement and supply chain benefits will flow directly to San Juan businesses. This commitment is how you build long-term trust and ensure local buy-in.

Los Azules Project: Local Economic Impact (Construction/Operation)	Value/Commitment
Total Investment (Initial CAPEX)	Over US$3.1 billion
Projected Jobs Created	More than 3,500
Local Content Commitment	61.1%

Innovative, High-Comfort Camp Design at Los Azules to Attract and Retain Talent in a Remote Area

Attracting skilled workers to a high-altitude, remote location like Los Azules (at around 3,500 meters elevation) is a massive operational challenge. The company is using social infrastructure as a talent retention tool, which is smart.

The plan is to build a high-comfort, 'regenerative camp' designed as a self-contained village that can support up to 2,000 mine workers. This isn't your typical isolated work camp; it's a strategic investment in human capital.

The camp is designed to be a 'positive and highly desirable place to work,' featuring:

• Net Zero Water and Net Zero Energy design.
• A self-contained ecosystem that grows food.
• A terraced village layout for optimal well-being.

If you can make the remote work environment a competitive advantage, you solve a major operational headache before it even starts.

Workforce Constraints and Operational Issues Impacted 2024/2025 Production at the Fox Complex

While Los Azules is the future, the operating assets in Canada faced tangible social and operational headwinds in the 2024/2025 fiscal year, impacting gold production and increasing costs. This is the near-term risk you need to map.

Workforce constraints and operational issues at the Fox Complex in Canada were a clear drag on performance:

• Q1 2025 Production: The Froome mine at Fox produced only 5,520 GEOs, a sharp drop from 7,486 GEOs in Q1 2024, citing 'reduced labor availability' and adverse weather.
• Q3 2025 Production: Production decreased by 19% to 6,386 GEOs compared to Q3 2024.
• Cost Impact: Production costs rose, driven by 'increased contractor labor costs' at the Fox Complex, a direct result of trying to fill labor gaps.
• Guidance Revision: The annual production guidance for the Fox Complex in 2025 had to be lowered to a range of 25,000 to 28,000 GEOs, down from an earlier range of 30,000 to 35,000 GEOs, as the shortfall from Q1 was not expected to be recovered.

This reality shows that managing existing labor relations and retention, especially during the transition from the Froome mine to the new Stock mine, remains a critical operational priority for the company in 2025.

McEwen Mining Inc. (MUX) - PESTLE Analysis: Technological factors

Technology is a core strategic lever for McEwen Mining Inc., especially as it drives down operating costs and improves environmental performance across its portfolio. The company's focus in 2025 has been on adopting disruptive assay methods and deploying advanced, low-impact processing at its major development project, Los Azules. This push for efficiency and sustainability is defintely a key differentiator.

Acquired Paragon Geochemical Labs for faster photo assay technology

In a move to accelerate its exploration and operational decision-making, McEwen Inc. acquired an approximately 31% strategic equity interest in Paragon Geochemical Laboratories Inc. on November 3, 2025. This investment, totaling CDN$15.3 million (or approximately $10.9 million), secures access to the cutting-edge PhotonAssay™ technology. This technology is a rapid, accurate, and non-destructive method for assaying gold, silver, and base metals, which is transforming industry standards by providing faster turnaround times than traditional fire assay techniques.

The PhotonAssay™ method is already in use at the Fox Complex in Ontario, Canada, and the Gold Bar Mine Complex in Nevada, USA. This allows the company to make faster, data-driven decisions that optimize drilling and accelerate exploration timelines, which is crucial for resource expansion.

Los Azules uses heap leaching, reducing water consumption and energy demand

The Los Azules copper project, a world-class asset owned by McEwen Copper, is designed with technology that significantly reduces its environmental footprint compared to conventional mining. The October 2025 Feasibility Study confirmed the use of a heap leach process with solvent extraction-electrowinning (SX/EW) to produce high-purity 99.99% copper cathodes on-site.

This technological choice has a clear, quantifiable impact on resource use:

• Reduces process water consumption by 74% compared to a conventional milling operation.
• Net electricity demand is 48% lower than a concentrator.
• Achieves a 72% lower mine-to-metal carbon intensity than the industry average.

The heap leach strategy eliminates the need for a conventional tailings dam, which significantly reduces permitting risk and conserves scarce water resources in the San Juan Province of Argentina.

Los Azules Process Comparison (Feasibility Study, 2025)	Heap Leach (SX/EW)	Conventional Concentrator (Benchmark)
Process Water Consumption (L/s LOM average)	158 L/s	600 L/s
Net Electricity Demand (MW)	119 MW	230 MW
Reduction vs. Conventional	74% Less Water	48% Lower Electricity

Stock Mine material is softer, allowing for higher mill throughput than the Froome Mine

The transition of production at the Fox Complex from the Froome Mine to the Stock Mine is a near-term technological and logistical upgrade, starting with ramp construction in 2025. The material at the Stock Mine has a lower, softer work index compared to the harder material currently processed from the Froome Mine.

This difference in rock hardness is a direct technological advantage, as softer material requires less energy and time to grind, which is expected to result in greater mill throughput and higher gold output. Plus, the Stock Mine is located right next to the mill, eliminating the need to haul material 35 kilometers from the deeper Froome Mine, reducing both costs and carbon emissions.

Los Azules is designed to operate on 100% renewable electric energy

The commitment to sustainability at Los Azules is cemented by its power plan. The project is designed to operate on 100% renewable electric energy, sourced from a mix of wind, hydro, and solar power.

This is secured through an exclusive agreement with YPF Luz for the supply of renewable energy via a high-voltage transmission line, which YPF Luz is responsible for developing and financing. This technological and contractual arrangement is a major step toward the project's goal of achieving carbon neutrality (Scopes 1 and 2) by 2038.

McEwen Mining Inc. (MUX) - PESTLE Analysis: Legal factors

RIGI acceptance provides a 30-year legal and fiscal stability agreement in Argentina.

The biggest legal de-risking event for McEwen Mining Inc. in 2025 was the acceptance of its Los Azules copper project into Argentina's Large Investment Incentive Regime (RIGI) in September 2025. This is a game-changer for a capital-intensive project like Los Azules, which represents a massive investment of approximately $2.7 billion.

The RIGI provides a legally binding framework that guarantees 30 years of stability across fiscal, legal, and customs matters. This stability is crucial for long-term projects, effectively insulating the investment from the country's historical volatility. It means the core tax and regulatory environment for Los Azules is locked in for three decades, which is a powerful signal to the global financial markets.

Here's the quick math on the fiscal stability: the RIGI reduces the corporate income tax rate for the project from the general 35% to a competitive 25%, and it halves the dividend withholding tax. This directly improves the project's net present value (NPV) and internal rate of return (IRR).

RIGI includes a provision for international arbitration, significantly de-risking foreign investment.

A major win for legal certainty within the RIGI framework is the provision for international arbitration. This mechanism allows McEwen Copper (the subsidiary operating Los Azules) to bypass Argentina's domestic courts in the event of a dispute related to the RIGI's terms.

You can see this as a critical insurance policy for foreign capital. If the government were to violate the RIGI agreement, the company is granted immediate access to international dispute resolution, typically under rules from bodies like the Permanent Court of Arbitration (PCA), the International Chamber of Commerce (ICC), or the International Centre for Settlement of Investment Disputes (ICSID). This right is automatic after a 60-day period of attempted resolution, which is a significant safeguard for the project's $2.7 billion investment.

Secured the critical Environmental Impact Assessment (EIA) approval for Los Azules.

Securing the Environmental Impact Assessment (EIA) approval for Los Azules was a major permitting milestone, achieved in December 2024. This approval, issued by the San Juan Provincial Government's Ministry of Mines, allows the project to advance toward construction and operation.

The EIA process was rigorous, involving the scrutiny of over 3,000 pages of documentation by 14 public and private institutions. This clearance reduces a key regulatory risk, paving the way for the definitive feasibility study, which was expected to be completed by the end of October 2025.

The project's design, which includes using a heap leach process that eliminates tailings dams and aims for 100% renewable power, helped secure this approval, setting a strong precedent for environmental compliance in the region.

Permitting delays for the Stock Mine ramp pushed commercial production into early 2026.

While the Los Azules project is moving forward, the company faced legal and regulatory friction at its Canadian operations. Permitting delays for the ramp access development at the Stock Mine, part of the Fox Complex in Ontario, pushed back the expected start of commercial production.

The development of the ramp continued throughout the majority of 2025, but commercial production is now anticipated to begin in mid-2026, a revision from earlier targets. The company invested $5.7 million in the Stock ramp development during the third quarter of 2025 alone. This delay is a clear example of how local permitting can impact near-term cash flow, even for a seasoned operator.

The transition from the Froome Mine to the Stock Mine is important because Stock offers lower costs due to a significantly reduced royalty burden and shorter haulage distance to the mill. The delay means the Fox Complex will continue to operate at a higher cost profile for longer, with 2025 consolidated cash costs guidance ranging from $1,550 to $1,750 per Gold Equivalent Ounce (GEO).

Legal/Regulatory Event	Project/Mine	Date/Timeline (2025 FY)	Financial/Strategic Impact
RIGI Acceptance (Large Investment Incentive Regime)	Los Azules (Argentina)	September 2025	Secures 30-year fiscal/legal stability; Reduces corporate tax to 25%; Endorses $2.7 billion investment.
Environmental Impact Assessment (EIA) Approval	Los Azules (Argentina)	December 2024	Major de-risking milestone; Clears path for construction start as early as 2026.
Permitting Delays for Ramp Access	Stock Mine (Fox Complex, Canada)	Ramp development throughout 2025	Pushed commercial production start to mid-2026; Prolongs operation under higher cost structure of Froome Mine.
Investment Protection Mechanism	Los Azules (Argentina)	Effective September 2025	Guarantees access to international arbitration (e.g., ICSID, ICC) for dispute resolution.

McEwen Mining Inc. (MUX) - PESTLE Analysis: Environmental factors

Los Azules aims to be Argentina's first regenerative copper mine.

You're looking at McEwen Mining Inc.'s long-term value, and the environmental profile of the Los Azules project in San Juan, Argentina, is a massive part of that. The company is positioning Los Azules to be Argentina's first regenerative copper mine, which is a sharp pivot from traditional mining models. This isn't just marketing; it's a design choice that fundamentally changes the environmental risk profile.

The core of this regenerative approach is eliminating the two biggest environmental headaches: water consumption and tailings. The project design uses a heap leach and solvent extraction-electrowinning (SX/EW) process, which produces a high-purity 99.99% copper cathode on-site without a smelter. This process means they are expected to use 74% less water than a conventional milling operation. That's a huge operational advantage in the high-altitude Andes Mountains, where water scarcity is a constant political and social issue. Honesty, this water conservation alone significantly de-risks the project's social license to operate (SLO).

Here's the quick math on the water and carbon footprint, based on the October 2025 Feasibility Study:

Environmental Metric	Los Azules (Projected)	Conventional Milling (Benchmark)	Impact/Reduction
Process Water Consumption (LOM Avg.)	158 L/s	600 L/s	74% lower
Mine-to-Metal Carbon Intensity	1,082 kg CO₂-e/t Cu	3,930 kg CO₂-e/t Cu (Industry Average)	72% lower
Tailings Management	No Tailings Dam (Heap Leach)	Conventional Tailings Dam	Eliminates Dam Failure Risk

Commitment to achieving carbon neutrality by 2038 at the flagship Los Azules project.

The carbon neutrality goal is a clear, long-term target that aligns the project with global clean-energy transition demands. McEwen Copper Inc. has a joint commitment to achieve carbon neutrality for Scopes 1 and 2 emissions by 2038 at Los Azules. This is a strong signal to electric vehicle (EV) manufacturers and other end-users who need 'green' copper for their supply chains.

The plan to get there is concrete: The project has secured an agreement with YPF Luz, an Argentine power company, to power Los Azules with 100% renewable energy-a mix of wind, hydro, and solar. This exclusive agreement, secured in 2024, covers the financing and development of the necessary high-voltage transmission line. Plus, the mine design incorporates electrification strategies like trolley assist haulage and is positioned to use battery-electric mine and services vehicles, which will reduce reliance on diesel. This is defintely a blueprint for future low-carbon mining.

El Gallo reactivation plans include using an old pit for tailings to minimize new disturbance.

Shifting focus to the gold and silver side, the reactivation plan for the El Gallo Complex in Mexico, now called Project Fenix, also shows a commitment to minimizing new environmental disturbance. The key environmental feature is the plan for in-pit tailings disposal.

Instead of building a new, potentially controversial tailings storage facility, the company intends to use an existing mined-out open pit at the El Gallo Gold Mine for safe, secure containment. This approach offers two clear benefits:

• Reduces the need for new land disturbance.
• Enables better long-term reclamation results.

Phase 1 of Project Fenix, which involves reprocessing existing heap leach material, is now targeting a mid-2027 production start, with construction expected to begin in the first half of 2026 pending the final Environmental Impact Assessment extension. This re-use of infrastructure keeps initial capital costs lower while addressing a major environmental concern upfront.

ESG strategy aligns with the Global Reporting Initiative (GRI) framework.

McEwen Mining Inc.'s broader Environmental, Social, and Governance (ESG) strategy is explicitly aligned with the Global Reporting Initiative (GRI) framework, which is the most widely used global standard for sustainability reporting. This commitment provides investors and stakeholders with a clear, comparable structure for evaluating their non-financial performance.

A significant action in 2025 was the collaboration agreement signed with the International Finance Corporation (IFC), a member of the World Bank Group. This partnership is specifically designed to align the Los Azules project with the IFC's stringent ESG standards, which is a necessary step in preparing for potential future debt financing. This move signals that the company is serious about meeting institutional-investor-grade environmental standards, not just minimum regulatory compliance.

Next Step: Finance: Continue tracking the capital expenditure drawdown for Los Azules, particularly the portion dedicated to renewable energy infrastructure, against the projected $3.17 billion initial capital investment.