McEwen Mining Inc. (MUX): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploitation minière, McEwen Mining Inc. (MUX) est à l'intersection des ressources mondiales, de l'innovation stratégique et des défis environnementaux complexes. Cette analyse complète du pilotage dévoile le paysage multiforme qui façonne les opérations de l'entreprise à travers le Mexique, l'Argentine et le Nevada, révélant le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui stimulent sa prise de décision stratégique et sa croissance durable dans la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de la croissance de la croissance durable de l'entre Un secteur minier mondial de plus en plus compétitif.

MCEWEN MINING Inc. (MUX) - Analyse du pilon: facteurs politiques

Juridictions minières

McEwen Mining opère dans les pays suivants:

Pays	Opérations minières	Indice de stabilité politique (2023)
Mexique	Complexe d'El Gallo	0.45
Argentine	Projet Los Azules	0.38
États-Unis	Mine Gold Bar, Nevada	0.82

Évaluation des risques de nationalisme des ressources

L'exposition politique au nationalisme des ressources varie d'une région opérationnelle à l'autre:

• Mexique: risque de nationalisation modérée (probabilité de 48%)
• Argentine: risque élevé de nationalisation (probabilité de 62%)
• États-Unis: faible risque de nationalisation (probabilité de 12%)

Investissements de conformité réglementaire

Dépenses annuelles d'engagement du gouvernement et de conformité:

Pays	Coût de conformité réglementaire (USD)	Budget d'engagement du gouvernement
Mexique	1,2 million de dollars	$350,000
Argentine	1,5 million de dollars	$475,000
États-Unis	$800,000	$250,000

Atténuation des risques politiques

Stratégies clés de gestion des risques politiques:

• Portefeuille géographique diversifié
• Engagement continu des parties prenantes
• Conformité réglementaire proactive
• Programmes d'investissement communautaire local

Climat d'investissement géopolitique

Natives de risque d'investissement direct étranger pour le secteur minier:

Pays	Évaluation des risques d'investissement (2023)	Proboré d'ingérence politique
Mexique	Bb-	Moyen
Argentine	CCC	Haut
États-Unis	Aaa	Faible

MCEWEN MINING Inc. (MUX) - Analyse du pilon: facteurs économiques

Sensible aux fluctuations des prix des produits d'or et d'argent

Au quatrième trimestre 2023, les prix de l'or variaient entre 1 950 $ et 2 089 $ l'once. Les prix de l'argent ont fluctué entre 22,50 $ et 25,50 $ l'once. Les revenus de McEwen Mining sont directement en corrélation avec ces prix des matières premières.

Marchandise	Gamme de prix 2023 (USD)	Volume de production (2023)
Or	1 950 $ - 2 089 $ / oz	86 700 onces
Argent	22,50 $ - 25,50 $ / oz	352 000 onces

Affecté par la volatilité des taux de change dans les pays opérationnels

McEwen Mining opère dans plusieurs pays avec différents taux de change.

Pays	Devise	Volatilité du taux de change (2023)
Mexique	Peso	± 5,2% de fluctuation
Argentine	Peso	± 35,7% de fluctuation
États-Unis	USD	Monnaie de base
Canada	GOUJAT	± 3,8% de fluctuation

En fonction des conditions économiques mondiales affectant l'investissement minier

Les tendances mondiales d'investissement minière pour 2023 ont montré une variabilité significative.

Métrique d'investissement	Valeur
Investissement minière total	92,4 milliards de dollars
Budget d'exploration	5,6 milliards de dollars
Fusion & Acquisitions	18,3 milliards de dollars

Face à des défis dans la relance des capitaux et le financement du projet

Les mesures financières de McEwen Mining pour le capital et le financement en 2023:

Métrique financière	Montant (USD)
Revenus totaux	217,5 millions de dollars
Revenu net	- 35,2 millions de dollars
Espèce et équivalents	72,6 millions de dollars
Dette	45,3 millions de dollars

McEwen Mining Inc. (MUX) - Analyse du pilon: facteurs sociaux

Facteurs sociologiques: engagement communautaire et licence sociale pour opérer

McEwen Mining Inc. a déclaré des investissements communautaires locaux directs de 1,2 million de dollars en 2022 dans ses régions minières au Mexique et en Argentine.

Région	Investissement communautaire ($)	Taux d'emploi local (%)
Mexique	750,000	68%
Argentine	450,000	62%

Emploi local et développement économique

En 2022, McEwen Mining employait directement 628 travailleurs locaux dans ses opérations minières, représentant 65% de la main-d'œuvre totale.

Programmes de responsabilité sociale des entreprises

• Soutien en éducation: 350 000 $ alloués aux bourses locales
• Initiatives de soins de santé: 275 000 $ investis dans des programmes médicaux communautaires
• Développement des infrastructures: 425 000 $ dépensés pour les infrastructures communautaires locales

Dynamique sociale dans les communautés minières

McEwen Mining a organisé 42 séances d'engagement communautaire en 2022, impliquant 1 867 parties prenantes locales dans les régions minières.

Type d'engagement	Nombre de sessions	Parties prenantes impliquées
Rencontres de la mairie	18	892
Ateliers communautaires	24	975

MCEWEN MINING Inc. (MUX) - Analyse du pilon: facteurs technologiques

Adopte des technologies avancées d'exploration et d'extraction

McEwen Mining utilise technologies de forage de haute précision avec un investissement de 4,2 millions de dollars en équipement de cartographie géologique avancée en 2023. Le portefeuille de technologies d'exploration de la société comprend:

Type de technologie	Investissement ($)	Niveau de précision
Systèmes de cartographie de drones	1,350,000	Précision de 99,7%
Imagerie par satellite	1,750,000	98,5% de détection géologique
Capteurs géophysiques	1,100,000	97,3% d'identification des minéraux

Investit dans les technologies minières numériques et l'automatisation

L'entreprise a alloué 7,5 millions de dollars pour la transformation numérique En 2024, en nous concentrant sur l'automatisation des processus robotiques et l'intégration d'apprentissage automatique.

Technologie d'automatisation	Coût de mise en œuvre ($)	Amélioration de l'efficacité
Robots de forage autonome	2,300,000	Augmentation de la productivité de 35%
Gestion de l'équipement basé sur l'IA	1,900,000	Réduction des coûts de maintenance de 42%
Systèmes de contrôle opérationnel à distance	3,300,000	28% d'amélioration de la sécurité

Implémente l'analyse des données pour l'efficacité opérationnelle

McEwen Mining utilise Plateformes avancées d'analyse de données avec un budget technologique annuel de 3,6 millions de dollars pour l'optimisation opérationnelle.

• Systèmes de surveillance de la production en temps réel
• Algorithmes de maintenance prédictive
• Logiciel d'optimisation des ressources

Explore des solutions technologiques d'exploitation durable

L'entreprise s'est engagée 5,8 millions de dollars à la recherche sur les technologies durables en 2024, en se concentrant sur:

Technologie durable	Investissement en recherche ($)	Réduction de l'impact environnemental
Équipement d'extraction à faible émission	2,100,000	47% de réduction de l'empreinte carbone
Technologies de recyclage de l'eau	1,700,000	62% de la consommation d'eau diminuer
Intégration d'énergie renouvelable	2,000,000	Amélioration de l'efficacité énergétique à 55%

McEwen Mining Inc. (MUX) - Analyse du pilon: facteurs juridiques

Se conforme aux réglementations minières internationales complexes

McEwen Mining Inc. opère dans plusieurs cadres juridiques internationaux à travers les juridictions au Mexique, en Argentine et aux États-Unis. La société maintient Conformité à 17 normes de réglementation minière distinctes dans ces régions.

Pays	Exigences de conformité réglementaire	Coût annuel de conformité
Mexique	Conformité fédérale sur la loi sur les mines	1,2 million de dollars
Argentine	Règlements d'exploitation provinciale	$850,000
États-Unis	Règlements sur les mines fédérales et étatiques	1,5 million de dollars

Gère les exigences de permis environnementales entre les juridictions

La société maintient 22 Permis environnementaux actifs à travers ses territoires opérationnels, avec des exigences spécifiques pour chaque site minier.

Emplacement	Type de permis	Permettre la validité
Black Fox Complex, Canada	Permis de fonctionnement environnemental	Valide jusqu'en 2026
Complexe El Gallo, Mexique	Permis d'impact écologique	Valide jusqu'en 2025
Mine San José, Argentine	Permis de gestion de l'environnement	Valide jusqu'en 2027

Relève des défis juridiques potentiels dans les opérations minières

McEwen Mining alloue 3,4 millions de dollars par an pour la gestion des risques juridiques, couvrant les litiges potentiels et les litiges réglementaires.

• Budget de gestion des risques juridiques actifs: 3,4 millions de dollars
• Nombre de procédures judiciaires en cours: 4
• Temps moyen de résolution des différends juridiques: 18 mois

Maintient des normes de gouvernance d'entreprise rigoureuses

L'entreprise adhère à Protocoles complets de gouvernance d'entreprise avec des mécanismes de conformité stricts.

Aspect de la gouvernance	Métrique de conformité	Coût de surveillance annuel
Indépendance du conseil d'administration	75% administrateurs indépendants	$620,000
Surveillance du comité d'audit	Revues complètes trimestrielles	$450,000
Transparence des actionnaires	Rapports de divulgation mensuels	$280,000

McEwen Mining Inc. (MUX) - Analyse du pilon: facteurs environnementaux

S'engage aux pratiques minières durables et à la gestion de l'environnement

McEwen Mining Inc. a déclaré des émissions totales de gaz à effet de serre de 41 337 tonnes métriques CO2 équivalent en 2022. La société a investi 2,3 millions de dollars dans les initiatives de gestion de l'environnement et de durabilité au cours du même exercice.

Métrique environnementale	2022 données
Émissions totales de GES	41 337 tonnes métriques CO2E
Investissement environnemental	2,3 millions de dollars
Consommation d'énergie renouvelable	17,5% de la consommation totale d'énergie

Implémente la gestion de l'eau et les stratégies de conservation

En 2022, McEwen Mining a réduit la consommation d'eau de 12,4% dans ses opérations minières. Le taux total de recyclage de l'eau a atteint 62,3% de l'eau totale utilisée.

Métrique de gestion de l'eau	2022 Performance
Réduction de la consommation d'eau	12.4%
Taux de recyclage de l'eau	62.3%
Eau totale utilisée	1 845 000 mètres cubes

Se concentre sur la réduction de l'empreinte carbone et des émissions de gaz à effet de serre

McEwen Mining s'est engagée à réduire l'intensité du carbone de 25% d'ici 2025 par rapport à la ligne de base de 2020. L'intensité de carbone actuelle s'élève à 0,42 tonnes métriques CO2E par once d'équivalent d'or produit.

Métrique de réduction du carbone	État actuel
Intensité de carbone	0,42 tonnes métriques CO2E / OZ Équivalent d'or
Cible de réduction	25% d'ici 2025
Investissement d'énergie renouvelable	1,7 million de dollars en 2022

Élabore des plans de réadaptation et de remise en état des mines

McEwen Mining a alloué 4,5 millions de dollars à la réhabilitation du site de mines et à la restauration environnementale en 2022. Les plans de remise en état couvrent 100% des sites miniers actifs.

Métrique de remise en état	2022 données
Investissement de récupération	4,5 millions de dollars
Sites avec des plans de remise en état	100%
Zone terrestre restaurée	78 hectares

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.