McEwen Mining Inc. (MUX): Business Model Canvas [Dec-2025 Updated]

You're digging into McEwen Mining Inc. (MUX), trying to map out where the real value is hiding, and honestly, it's a classic two-part story. Right now, they are grinding out cash from gold and silver, pulling in $50.5 million in revenue in Q3 2025, even while managing All-in Sustaining Costs (AISC) guidance between $2,356 and $2,456 per ounce for the year. But the big prize, the reason many sharp investors are watching, is the massive copper optionality locked up in the Los Azules project, which they are actively pushing toward construction financing. Their whole model hinges on successfully bridging that gap. That's the core engine you need to understand.

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

You're looking at the critical alliances McEwen Mining Inc. relies on to advance its portfolio, especially the massive Los Azules copper project and the consolidation of its gold assets. These aren't just handshake agreements; they involve significant capital and operational control.

Hochschild Mining plc: San José Mine Operator

The San José gold and silver mine in Argentina is operated through a joint venture structure. McEwen Mining Inc. holds a minority, non-operating interest in this key production asset. The operational partner is a subsidiary of Hochschild Mining plc.

The title to the property is held by Minera Santa Cruz, S.A. This entity was set up under the terms of an option and Joint Venture Agreement.

Metric	Value
Hochschild Mining plc Subsidiary Ownership	51%
McEwen Mining Inc. Attributable Ownership	49%
San José Mine Attributable Production (FY 2024)	60,100 Gold Equivalent Ounces (GEOs)
San José Mine Attributable Production (Q3 2025)	14,986 GEOs
San José Mine Working Capital (As of Sep 30, 2025, 100% basis)	$105.7 million

Stellantis and Rio Tinto's Nuton LLC: McEwen Copper Strategic Investors

McEwen Copper, the subsidiary developing the Los Azules copper project, has secured substantial backing from major industrial players. These investments provide capital and lend significant credibility to the project's development path, especially given the Los Azules feasibility study completion expected in October 2025.

The latest reported ownership structure following financing tranches completed in 2024 valued McEwen Copper at an implied market value of approximately $984 million.

Partner	Role/Investment Detail	Latest Reported Ownership (Approximate)
Stellantis	Strategic Investor; invested approximately $134 million in one tranche	19.4%
Nuton LLC (Rio Tinto Venture)	Strategic Investor; invested $35 million in one tranche	17.2%
McEwen Mining Inc.	Majority Shareholder	46.4%

The total investment from Stellantis mentioned across two tranches was approximately $116 million plus $134 million, totaling $250 million in reported figures.

IFC (World Bank Group): Los Azules ESG and Future Financing

McEwen Copper signed a collaboration agreement with the International Finance Corporation (IFC) in September 2025. This is a de-risking step, aligning Los Azules with the IFC's Performance Standards on Environmental and Social Sustainability to unlock future debt and equity financing.

The Los Azules project has secured its Environmental Impact Declaration (EIA) approval.

• Feasibility Study expected completion: October 2025
• Los Azules Initial CapEx (Feasibility Study): $3.2 billion
• Los Azules After-Tax NPV (Feasibility Study): $2.9 billion at an 8% discount
• IFC total commitments to private companies in FY 2025: A record $71.7 billion
• Los Azules targeted carbon neutrality: By 2038

Komatsu, Sandvik, YPF Luz: Key Suppliers and Technical Partners

These partners are crucial for the execution and sustainability goals of the Los Azules project, particularly concerning equipment supply and renewable energy infrastructure.

• Komatsu and Sandvik: Key suppliers and technical partners for the Los Azules project
• YPF: Partner for building transmission lines to supply the operation with only renewable energy

Canadian Gold Corp.: Resource Base Acquisition

McEwen Mining entered into a definitive agreement on October 10, 2025, to acquire Canadian Gold Corp. to increase its resource base, primarily through the Tartan Lake Gold Mine Project in Manitoba.

The transaction structure dictates the exchange ratio and resulting ownership split.

Transaction Detail	Value/Ratio
Exchange Ratio (McEwen Shares per Canadian Gold Share)	0.0225
Offer Price per Canadian Gold Share (as of Oct 10, 2025)	CDN $0.60
Premium over pre-LOI VWAP	96.7%
Expected Closing Date	Early January 2026
Resulting Ownership for Canadian Gold Shareholders	Approximately 8% of the combined company

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

You're looking at the core actions McEwen Mining Inc. (MUX) is driving right now to transition from a current producer to that larger, lower-cost producer they've targeted. Honestly, it's a lot of moving parts, balancing current output with massive development spends. Here's the quick math on what they are actively doing.

Gold and Silver Production at Three Operating Mines in the Americas

McEwen Mining Inc. is actively producing gold and silver, though recent quarters have seen some operational challenges impacting output versus initial guidance. For the full year 2025, the revised consolidated production guidance, which includes the 49% attributable share from the San José mine in Argentina, sits between 112,000 and 123,000 GEOs (Gold Equivalent Ounces). For the third quarter ending September 30, 2025, the company reported total production of 14,986 GEOs attributable from San José, while the 100%-owned operations produced 14,577 GEOs (8,191 GEOs from Gold Bar and 6,386 GEOs from Fox Complex). The company is working to optimize short-term mine planning, expecting costs per ounce to decrease in the fourth quarter of 2025.

The current operating portfolio driving this activity includes:

• The Fox Complex in Ontario, Canada.
• The Gold Bar Mine Complex in Nevada, USA.
• The San José Mine in Argentina (49% owned, attributable production figures used).
• The El Gallo operation in Mexico, which contributed 99 GEOs in the first nine months of 2025.

Developing the Stock Mine Ramp at the Fox Complex for Commercial Production in Early 2026

A major focus is bringing the Stock Mine online to replace the higher-cost Froome mine production. Underground ramp development at the Stock Mine is reported as on schedule and within budget. The company invested $5.6 million in H1 2025 on the Stock ramp, having completed the portal access. Commercial production from the Stock Mine is targeted for mid-2026. This new operation is projected to have a six-year life based on current mineral resource estimates. The Stock Mine is expected to contribute approximately 50% of the total production goal toward the 2030 target.

Advancing the Los Azules Copper Project Toward Construction Financing

McEwen Mining Inc. is actively de-risking the Los Azules copper project through its subsidiary, McEwen Copper, to secure construction financing. The independent Feasibility Study (FS) was announced in October 2025, showing a $2.9 billion After-Tax Net Present Value (NPV) (discounted at 8%) and a 19.8% After-Tax Internal Rate of Return (IRR). The project secured admission to Argentina's Large Investment Incentive Regime (RIGI) in September 2025, which provides 30 years of legal, fiscal, and customs stability. Furthermore, a collaboration agreement was signed with the International Finance Corporation (IFC) to align the project with ESG standards for potential future debt and equity financing. The construction financing is targeted through an IPO in late 2025, with construction start targeted for late 2026, aiming for production commencement in 2029-2030. The FS anticipates an average annual production of 327 million pounds (148,200 tonnes) of copper cathode over a 21-year Life of Mine (LOM).

Exploration and Development Drilling at Gold Bar, Grey Fox, and Windfall Properties

Sustained investment in exploration is key to future growth outside the immediate production pipeline. McEwen Mining Inc. invested $5.4 million in exploration programs during the first half of 2025 across several properties.

Key exploration and development milestones include:

• Grey Fox: An updated resource estimate is expected in the fourth quarter of 2025, followed by a prefeasibility study in the first half of 2026.
• Gold Bar: The operation saw accelerated stripping activity to take advantage of higher gold prices.
• Windfall: Exploration is set to drill three nearby copper targets in Q4 2025.

Executing the Plan to Double Consolidated Production to 250,000-300,000 GEOs by 2030

McEwen Mining Inc. is executing a strategic plan to double its consolidated annual production to a range of 250,000 to 300,000 GEOs by the year 2030. This growth is explicitly mapped across the existing asset base, excluding the recently acquired Tartan mine.

The expected contribution breakdown to this 2030 goal is detailed below:

Asset Complex	Targeted Contribution to 2030 Production Goal
Fox Complex (Stock, Grey Fox, etc.)	Approximately 50%
Gold Bar Mine Complex (Gold Bar, Windfall, Lookout Mountain)	Approximately 30%
El Gallo (Phases 1 and 2)	Approximately 20%

The Fox Complex specifically has an initiated plan targeting an expansion to 120,000 - 150,000 ounces by 2030, subject to permit approval. This strategic execution is supported by recent financing, including the issuance of $110.0 million in Capped Call Convertible Senior Unsecured Notes due 2030.

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

The foundation of McEwen Mining Inc.'s business model rests on its tangible and intangible assets, primarily its mineral properties and strategic financial holdings. You need to know these are the core things the company uses to create value.

The mineral resources are spread across four key jurisdictions in the Americas, providing geographic diversification for the gold and copper segments:

• USA (Nevada): Cortez Trend, including the 100% owned Gold Bar Mine Complex (Gold Bar, Windfall, Lookout Mountain).
• Canada (Ontario): Timmins Gold Mining Camp, featuring the 100% owned Fox Complex (Froome, Stock, Grey Fox).
• Argentina: 49% attributable interest in the San José Mine, plus the Los Azules copper development project via McEwen Copper.
• Mexico: El Gallo project, targeting Phase 1 production by mid-2027.

The company's most significant non-operating asset is its equity stake in McEwen Copper, which is advancing the Los Azules copper project in Argentina. This holding represents a substantial portion of the company's implied valuation.

Asset Type	Asset Name(s)	Ownership/Interest	Location
Operating Mine	Gold Bar Mine Complex	100%	Nevada, USA
Operating Mine	Fox Complex (Froome, Stock development)	100%	Ontario, Canada
Development Project	Los Azules Copper Project	46.4% stake via McEwen Copper	Argentina
Operating Mine (Attributable)	San José Mine	49% interest	Argentina
Development Project	El Gallo (Phase 1 targeting 20,000 GEOs annually)	100%	Mexico

Liquidity provides the necessary operational flexibility. As of the end of Q3 2025 (September 30, 2025), McEwen Mining held $51.2 million in cash and equivalents. This improved cash position, up from $13.7 million at December 31, 2024, supports ongoing development work. Furthermore, the working capital stood at $62.6 million, a significant turnaround from the negative $6.5 million reported at the end of 2024. The company also held $24.2 million in marketable securities as of Q3 2025.

Intangible resources include the experienced leadership team, notably founder Rob McEwen. His personal commitment is demonstrated by an investment exceeding US$200 million in the company, and he currently draws a salary of $1 per year, directly aligning his financial success with shareholder returns.

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.