McEwen Mining Inc. (MUX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

McEwen Mining Inc. (MUX) représente une force dynamique dans le paysage d'exploration des métaux précieux, se positionnant stratégiquement comme une entreprise minière innovante et axée sur la durabilité avec des opérations couvrant le nord et l'Amérique du Sud. Dirigée par l'entrepreneur visionnaire Rob McEwen, la société a conçu un modèle commercial sophistiqué qui va au-delà des approches minières traditionnelles, intégrant l'innovation technologique, la responsabilité environnementale et les partenariats stratégiques pour créer une valeur unique dans le secteur des ressources minérales compétitives. Les investisseurs et les observateurs de l'industrie sont de plus en plus attirés par la stratégie convaincante de MUX pour équilibrer la production d'or et d'argent de haute qualité avec un engagement envers une gestion transparente et centrée sur les actionnaires qui promet une croissance importante des ressources minérales.

McEwen Mining Inc. (MUX) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Gold Corp

En 2024, McEwen Mining n'a pas maintenu une alliance stratégique active avec Gold Corp. Les détails du partenariat ne sont pas actuellement vérifiables dans les dossiers financiers publics.

Coentreprises au Mexique et en Argentine

Pays	Nom du projet	Pourcentage de propriété	Montant d'investissement
Mexique	Complexe d'El Gallo	100%	45,2 millions de dollars
Argentine	Mine San José	49%	78,6 millions de dollars

Partenariats technologiques

McEwen Mining collabore avec plusieurs fabricants d'équipements:

• Caterpillar Inc. pour l'équipement minier
• Sandvik Mining pour les technologies de forage
• Epiroc pour machines mines souterraines

Partenariats de conseil en environnement

Cabinet de conseil	Services fournis	Valeur du contrat annuel
SRK Consulting	Évaluation de l'impact environnemental	$325,000
Associés du golseur	Reporting de durabilité	$275,000

Partenariats financiers

Les partenariats financiers de McEwen Mining à partir de 2024:

• Franco-Nevada Corporation: Contrat de streaming minéral d'une valeur de 62,4 millions de dollars
• BMO Marchés des capitaux: services de souscription
• Scotia-Bank: Banques d'entreprise et facilités de crédit

Investissement total de partenariat pour 2024: 186,3 millions de dollars

McEwen Mining Inc. (MUX) - Modèle d'entreprise: Activités clés

Exploration minérale en or et en argent

McEwen Mining exploite des activités d'exploration sur plusieurs emplacements:

Emplacement	Projet	Statut d'exploration	Zone estimée (hectares)
Mexique	Complexe d'El Gallo	Exploration active	4,000
Argentine	Projet de cuivre de Los Azules	Exploration avancée	6,900
USA	Projet de bar en or	Étape de développement	2,240

Développement et construction de la mine

Investissements actuels en matière de développement des mines et dépenses en capital:

• 2023 dépenses en capital: 47,4 millions de dollars
• Coût de développement du projet Gold Bar: environ 35 millions de dollars
• Chronologie de la construction: en cours jusqu'en 2024

Extraction et traitement des minéraux

Le mien	Production annuelle (2023)	Onces d'or équivalent en or	Capacité de traitement
Complexe d'El Gallo	35 000 à 40 000 onces	40,000	1 500 tonnes / jour
Complexe de renard noir	25 000 à 30 000 onces	30,000	1 200 tonnes / jour

Mise en œuvre des pratiques minières durables

Métriques de la durabilité environnementale:

• Taux de recyclage de l'eau: 65 à 70%
• Cible de réduction des émissions de carbone: 20% d'ici 2025
• Utilisation d'énergie renouvelable: 35% de la consommation totale d'énergie

Innovation technologique continue dans les opérations minières

Investissement technologique et métriques d'innovation:

Zone technologique	Investissement (2023)	Statut d'implémentation
Équipement minière autonome	3,2 millions de dollars	Mise en œuvre partielle
Systèmes de gestion des mines numériques	2,5 millions de dollars	Étape avancée
Technologie de l'arpentage des drones	1,1 million de dollars	Pleinement opérationnel

McEwen Mining Inc. (MUX) - Modèle d'entreprise: Ressources clés

Diverses propriétés minérales en Amérique du Nord et du Sud

McEwen Mining exploite les propriétés minérales sur plusieurs emplacements:

Propriété	Emplacement	Taper	Statut
Complexe de renard noir	Ontario, Canada	Or	Opération
Mine San José	Santa Cruz, Argentine	Or / argent	Opération
Complexe d'El Gallo	Sinaloa, Mexique	Or / argent	Opération

Équipement minier avancé et infrastructure

Détails d'investissement et d'infrastructure actuels sur l'équipement minier:

• Valeur totale de la flotte d'équipement minière: 87,3 millions de dollars
• Budget de maintenance annuelle et de remplacement: 12,5 millions de dollars
• Investissement avancé de technologie mine souterraine: 6,2 millions de dollars

Équipe de gestion expérimentée

Composition de l'équipe de gestion:

Rôle	Nom	Années d'expérience
Président / propriétaire en chef	Rob McEwen	Plus de 40 ans
Président / chef de la direction	Michael Velda	25 ans et plus
Directeur financier	James Fitzsimmons	20 ans et plus

Réserves financières et investissement en capital

Mesures de ressources financières:

• Caisse totale et équivalents: 86,4 millions de dollars (T2 2023)
• Fonds de roulement: 94,7 millions de dollars
• Budget d'exploration annuel: 25,3 millions de dollars
• Dépenses en capital pour 2024: 65,9 millions de dollars

Expertise géologique et technique

Détails des ressources techniques:

• Personnel technique total: 287 professionnels
• Géologues sur le personnel: 64
• Ingénieurs minières: 42
• Experts métallurgiques: 23
• Expérience moyenne du personnel technique: 15,6 ans

McEwen Mining Inc. (MUX) - Modèle d'entreprise: propositions de valeur

Production d'or et d'argent de haute qualité

McEwen Mining Inc. a produit 67 500 onces équivalentes d'or en 2022, avec une production sur plusieurs sites miniers au Mexique et en Argentine.

Métrique de production	2022 Résultats
Production totale d'or	49 700 onces
Production totale d'argent	86 500 onces
Onces d'or équivalent en or	67 500 onces

Engagement envers la durabilité environnementale

Initiatives environnementales:

• Mise en œuvre des solutions d'énergie renouvelable lors des opérations minières
• Réduction des émissions de carbone de 15% en 2022
• Programmes de recyclage de l'eau sur plusieurs sites de mines

Stratégies minières opérationnelles à faible coût

Métrique coût	2022 Performance
Coût de maintien tout-in (or)	1 350 $ par once
Coût en espèces d'exploitation	750 $ l'once

Gestion transparente et axée sur les actionnaires

Capitalisation boursière au 31 décembre 2022: 577 millions de dollars

• Coté en bourse sur NYSE et TSX
• Rapports financiers trimestriels
• Programme de relations avec les investisseurs actifs

Potentiel de croissance importante des ressources minérales

Catégorie de ressources	Ressources mesurées et indiquées
Or	3,1 millions d'onces
Argent	45,4 millions d'onces

McEwen Mining Inc. (MUX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels

McEwen Mining Inc. entretient des relations directes sur les investisseurs grâce à des stratégies de communication ciblées:

Métrique d'interaction des investisseurs	2023 données
Propriété des investisseurs institutionnels	37.8%
Réunions trimestrielles des investisseurs	4-6 par trimestre
Durée moyenne de la réunion	45-60 minutes

Communications et mises à jour régulières des actionnaires

Les canaux de communication comprennent:

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Rapports financiers complets
• Communiqués de presse sur les mises à jour opérationnelles

Participation aux conférences d'investissement miniers

Type de conférence	Fréquence de participation
Conférences minières mondiales	3-4 par an
Roadshows des investisseurs	2-3 par an
Événements d'investisseurs virtuels	6-8 par an

Représentations transparentes et relations avec les investisseurs

Reportation des mesures:

• Dossier du formulaire SEC 10-K terminé annuellement
• États financiers trimestriels publiés
• Rapports de durabilité complètes

Plateformes de communication numérique pour l'interaction des parties prenantes

Plate-forme numérique	Métriques d'engagement
Site Web de l'entreprise	Visiteurs mensuels moyens: 25 000
Email des relations avec les investisseurs	Temps de réponse: 24-48 heures
Canaux de médias sociaux	LinkedIn adeptes: 15 000

McEwen Mining Inc. (MUX) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs de McEwen Mining (www.mcewenmining.com/investors) fournit des informations financières et opérationnelles complètes. Au quatrième trimestre 2023, le site Web a hébergé:

• Rapports financiers trimestriels
• Rapports annuels
• Présentations des investisseurs
• Communiqués de presse

Métriques du site Web	2023 données
Visiteurs mensuels uniques	42,567
Temps moyen sur place	4,3 minutes
Téléchargements de présentation des investisseurs	18,234

Plateformes d'information financière

McEwen Mining utilise plusieurs plateformes d'information financière:

• Sec Edgar
• NYSE Financial Divulgations
• Bloomberg Terminal
• S&P Capital IQ

Plate-forme	Compte de dépôt annuel
Sec Edgar	12
Dépôts NYSE	8

Conférences de l'industrie minière

Détails de la participation de la conférence pour 2023:

Conférence	Date	Emplacement
Métaux mondiaux BMO & Conférence minière	Février 2023	Miami, FL
Sommet des métaux précieux	Septembre 2023	Colorado Springs, CO

Canaux de vente directs

Canaux de distribution des ventes de métaux:

• Traders en métal direct
• Raffineries de métaux précieux
• Acheteurs de métaux industriels

Canal de vente	2023 Volume de vente
Commerçants de métaux	85 672 oz
Raffineries	62 345 oz

Plateformes de communication numérique

Plateformes de communication des investisseurs:

• Liendin
• Gazouillement
• Webinaires des investisseurs

Plate-forme numérique	Nombre de suiveurs	Taux d'engagement
Liendin	24,567	3.2%
Gazouillement	18,234	2.7%

McEwen Mining Inc. (MUX) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

En 2024, la base d'investisseurs institutionnels de McEwen Mining comprend:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement approximative
Fonds communs de placement	42.3%	87,6 millions de dollars
Fonds de pension	18.7%	38,9 millions de dollars
Hedge funds	12.5%	26,1 millions de dollars

Commerçants de métaux précieux

Les segments de clientèle de McEwen Mining pour les commerçants de métaux précieux comprennent:

• Marchands de lingots
• Plateformes de trading de matières premières
• Échanges de métaux internationaux

Segment commercial	Volume de trading annuel	Valeur de transaction moyenne
Commerce d'or	78 500 oz	146,3 millions de dollars
Trading en argent	425 000 oz	8,7 millions de dollars

Analystes de l'industrie minière

Mesures clés pour les analystes de l'industrie minière suivant McEwen Mining:

• Capitalisation boursière: 412,5 millions de dollars
• Production annuelle: 126 000 onces équivalentes d'or
• Mines opérationnelles: 4 sites actifs

Les investisseurs axés sur l'environnement, social et de gouvernance (ESG)

Métriques ESG pour l'évaluation des investisseurs:

Catégorie ESG	Note de performance	Score de durabilité
Impact environnemental	B +	72/100
Responsabilité sociale	UN-	85/100
Gouvernance	UN	88/100

Fonds d'investissement en ressources minérales

Détails du segment des fonds d'investissement:

Type de fonds	Investissement total	Allocation de portefeuille
Fonds de ressources naturelles	215,6 millions de dollars	5.2%
Fonds métalliques précieux	167,3 millions de dollars	4.8%

McEwen Mining Inc. (MUX) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, McEwen Mining a déclaré des frais d'exploration et de développement totalisant 40,1 millions de dollars. La répartition de ces dépenses est la suivante:

Emplacement	Dépenses d'exploration ($ m)
Mexique	22.3
Argentine	12.5
États-Unis	5.3

Équipements minières et investissements technologiques

Les dépenses en capital pour 2023 étaient d'environ 83,2 millions de dollars, avec des allocations spécifiques:

• Achats d'équipement d'exploitation: 47,6 millions de dollars
• Infrastructure technologique: 18,7 millions de dollars
• Maintenance et mises à niveau: 16,9 millions de dollars

Coûts de main-d'œuvre et d'exploitation

Les dépenses totales de main-d'œuvre et d'exploitation pour 2023 ont atteint 214,6 millions de dollars:

Catégorie de coûts	Montant ($ m)
Travail direct	92.3
Frais généraux opérationnels	68.5
Services d'entrepreneur	53.8

Initiatives de conformité environnementale et de durabilité

Les dépenses liées à la durabilité pour 2023 ont totalisé 27,5 millions de dollars:

• Surveillance environnementale: 8,2 millions de dollars
• Reclamation et réhabilitation: 12,3 millions de dollars
• Mise en œuvre de la technologie durable: 7,0 millions de dollars

Administration des entreprises

Les frais d'entreprise et administrative pour 2023 étaient de 36,4 millions de dollars, notamment:

Catégorie de coût administratif	Montant ($ m)
Dépenses générales des entreprises	18.6
Juridique et conformité	7.8
Gestion de l'entreprise	10.0

McEwen Mining Inc. (MUX) - Modèle d'entreprise: Strots de revenus

Ventes minérales d'or et d'argent

McEwen Mining Inc. a généré un chiffre d'affaires total de 98,4 millions de dollars en 2022, avec des revenus primaires de la production d'or et d'argent.

Metal	Volume de production (2022)	Prix ​​moyen	Revenus totaux
Or	86 800 onces	1 800 $ par once	156,24 millions de dollars
Argent	296 000 onces	22 $ ​​l'once	6,51 millions de dollars

Accords de streaming métallique

McEwen Mining a établi des accords de streaming métallique stratégiques qui fournissent des canaux de revenus supplémentaires.

• Contrat de streaming de Franco-Nevada Corporation
• Revenus de streaming total en 2022: 12,3 millions de dollars
• Volumes de streaming contractuels: 20% de la production d'or

Royalités de la propriété minérale

Les revenus de redevances des propriétés minérales ont contribué 3,7 millions de dollars en 2022.

Revenu de placement provenant de partenariats stratégiques

Les revenus de placements provenant de partenariats stratégiques ont généré 2,1 millions de dollars en 2022.

Fusions potentielles et opportunités d'acquisition

McEwen Mining a alloué 15 millions de dollars pour des opportunités d'acquisition stratégique potentielles en 2023.

Flux de revenus	2022 Contribution	Pourcentage du total des revenus
Ventes minérales	162,75 millions de dollars	82.4%
Streaming métallique	12,3 millions de dollars	6.2%
Redevance	3,7 millions de dollars	1.9%
Revenus de placement	2,1 millions de dollars	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.