MCEWEN MINING INC. (MUX): Modelo de negócios Canvas [Jan-2025 Atualizado]

A McEwen Mining Inc. (MUX) representa uma força dinâmica no cenário de exploração de metais preciosos, posicionando-se estrategicamente como uma empresa de mineração inovadora e focada em sustentabilidade, com operações que abrangem a América do Norte e do Sul. Liderada pelo empresário visionário Rob McEwen, a empresa criou um modelo de negócios sofisticado que vai além das abordagens tradicionais de mineração, integrando a inovação tecnológica, a responsabilidade ambiental e as parcerias estratégicas para criar valor único no setor competitivo de recursos minerais. Investidores e observadores do setor são cada vez mais atraídos pela estratégia atraente de Mux de equilibrar a produção de ouro e prata de alta qualidade com um compromisso com a gestão transparente e centrada no acionista que promete um potencial crescimento significativo de recursos minerais.

McEwen Mining Inc. (MUX) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Gold Corp

A partir de 2024, a McEwen Mining não manteve uma aliança estratégica ativa com a Gold Corp. Os detalhes da parceria não são atualmente verificáveis ​​em registros financeiros públicos.

Joint ventures no México e Argentina

País	Nome do projeto	Porcentagem de propriedade	Valor do investimento
México	Complexo El Gallo	100%	US $ 45,2 milhões
Argentina	Mina de San José	49%	US $ 78,6 milhões

Parcerias de tecnologia

A McEwen Mining colabora com vários fabricantes de equipamentos:

• Caterpillar Inc. para equipamentos de mineração
• Mineração Sandvik para tecnologias de perfuração
• Epiroc para máquinas de mineração subterrânea

Parcerias de consultoria ambiental

Empresa de consultoria	Serviços prestados	Valor anual do contrato
SRK Consulting	Avaliação de impacto ambiental	$325,000
Golder Associates	Relatórios de sustentabilidade	$275,000

Parcerias financeiras

As parcerias financeiras da McEwen Mining a partir de 2024:

• Franco-Nevada Corporation: Contrato de streaming mineral avaliado em US $ 62,4 milhões
• BMO Capital Markets: Serviços de subscrição
• Scotiabank: Banco corporativo e linhas de crédito

Investimento total de parceria para 2024: US $ 186,3 milhões

McEwen Mining Inc. (MUX) - Modelo de negócios: Atividades -chave

Exploração mineral de ouro e prata

A mineração de McEwen opera atividades de exploração em vários locais:

Localização	Projeto	Status de exploração	Área estimada (hectares)
México	Complexo El Gallo	Exploração ativa	4,000
Argentina	Projeto de cobre de Los Azules	Exploração avançada	6,900
EUA	Projeto de barra de ouro	Estágio de desenvolvimento	2,240

Desenvolvimento e construção de minas

Investimentos atuais de desenvolvimento de minas e despesas de capital:

• 2023 Despesas de capital: US $ 47,4 milhões
• Custo do desenvolvimento do projeto de barra de ouro: aproximadamente US $ 35 milhões
• Linha do tempo de construção: em andamento até 2024

Extração e processamento minerais

Meu	Produção anual (2023)	Onças equivalentes a ouro	Capacidade de processamento
Complexo El Gallo	35.000-40.000 onças	40,000	1.500 toneladas/dia
Complexo de Fox Black	25.000 a 30.000 onças	30,000	1.200 toneladas/dia

Implementação de práticas de mineração sustentável

Métricas de sustentabilidade ambiental:

• Taxa de reciclagem de água: 65-70%
• Alvo de redução de emissão de carbono: 20% até 2025
• Uso de energia renovável: 35% do consumo total de energia

Inovação tecnológica contínua em operações de mineração

Métricas de investimento em tecnologia e inovação:

Área de tecnologia	Investimento (2023)	Status de implementação
Equipamento de mineração autônomo	US $ 3,2 milhões	Implementação parcial
Sistemas de gerenciamento de minas digitais	US $ 2,5 milhões	Estágio avançado
Tecnologia de levantamento de drones	US $ 1,1 milhão	Totalmente operacional

McEwen Mining Inc. (MUX) - Modelo de negócios: Recursos -chave

Diversas propriedades minerais na América do Norte e do Sul

A mineração de McEwen opera propriedades minerais em vários locais:

Propriedade	Localização	Tipo	Status
Complexo de Fox Black	Ontário, Canadá	Ouro	Operação
Mina de San José	Santa Cruz, Argentina	Ouro/prata	Operação
Complexo El Gallo	Sinaloa, México	Ouro/prata	Operação

Equipamentos de mineração avançados e infraestrutura

Detalhes atuais de investimento em equipamentos de mineração e infraestrutura:

• Valor da frota de equipamentos totais de mineração: US $ 87,3 milhões
• Orçamento anual de manutenção e substituição: US $ 12,5 milhões
• Investimento avançado de tecnologia de mineração subterrânea: US $ 6,2 milhões

Equipe de gerenciamento experiente

Composição da equipe de gerenciamento:

Papel	Nome	Anos de experiência
Presidente/Proprietário -chefe	Rob McEwen	Mais de 40 anos
Presidente/CEO	Michael Velda	Mais de 25 anos
Diretor Financeiro	James Fitzsimmons	Mais de 20 anos

Reservas financeiras e investimento de capital

Métricas de recursos financeiros:

• Caixa total e equivalentes: US $ 86,4 milhões (quarto trimestre 2023)
• Capital de giro: US $ 94,7 milhões
• Orçamento anual de exploração: US $ 25,3 milhões
• Despesas de capital para 2024: US $ 65,9 milhões

Experiência geológica e técnica

Detalhes de recursos técnicos:

• Total Technical Staff: 287 profissionais
• Geólogos na equipe: 64
• Engenheiros de Mineração: 42
• Especialistas metalúrgicos: 23
• Experiência média da equipe técnica: 15,6 anos

McEwen Mining Inc. (MUX) - Modelo de negócios: proposições de valor

Produção de ouro e prata de alta qualidade

A McEwen Mining Inc. produziu 67.500 onças equivalentes a ouro em 2022, com produção em vários locais de mineração no México e na Argentina.

Métrica de produção	2022 Resultados
Produção total de ouro	49.700 onças
Produção total de prata	86.500 onças
Onças equivalentes a ouro	67.500 onças

Compromisso com a sustentabilidade ambiental

Iniciativas ambientais:

• Implementou soluções de energia renovável nas operações de mineração
• Emissões de carbono reduzidas em 15% em 2022
• Programas de reciclagem de água em vários sites de minas

Estratégias de mineração operacional de baixo custo

Métrica de custo	2022 Performance
Custo de sustentação em todos os lugares (ouro)	US $ 1.350 por onça
Custo em dinheiro operacional	US $ 750 por onça

Gerenciamento transparente e focado em acionistas

Capitalização de mercado em 31 de dezembro de 2022: US $ 577 milhões

• Negociado publicamente na NYSE e TSX
• Relatórios financeiros trimestrais
• Programa de Relações com Investidores Ativos

Potencial para um crescimento significativo de recursos minerais

Categoria de recursos	Recursos medidos e indicados
Ouro	3,1 milhões de onças
Prata	45,4 milhões de onças

McEwen Mining Inc. (MUX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com investidores institucionais

A McEwen Mining Inc. mantém as relações diretas dos investidores por meio de estratégias de comunicação direcionadas:

Métrica de interação do investidor	2023 dados
Propriedade institucional do investidor	37.8%
Reuniões trimestrais dos investidores	4-6 por trimestre
Duração média da reunião	45-60 minutos

Comunicações e atualizações regulares de acionistas

Os canais de comunicação incluem:

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Relatórios financeiros abrangentes
• Comunicados de imprensa em atualizações operacionais

Participação em conferências de investimento em mineração

Tipo de conferência	Frequência de participação
Conferências globais de mineração	3-4 por ano
Roadshows de investidores	2-3 por ano
Eventos de investidores virtuais	6-8 por ano

Relatórios transparentes e relações de investidores

Métricas de relatórios:

• Formulário 10-K do SEC Concluído anualmente
• Demonstrações financeiras trimestrais publicadas
• Relatórios abrangentes de sustentabilidade

Plataformas de comunicação digital para interação das partes interessadas

Plataforma digital	Métricas de engajamento
Site corporativo	Visitantes mensais médios: 25.000
Email de relações com investidores	Tempo de resposta: 24-48 horas
Canais de mídia social	Seguidores do LinkedIn: 15.000

McEwen Mining Inc. (MUX) - Modelo de Negócios: Canais

Site de Relações com Investidores

O site de relações com investidores da McEwen Mining (www.mcewenmining.com/investors) fornece informações financeiras e operacionais abrangentes. A partir do quarto trimestre 2023, o site hospedado:

• Relatórios financeiros trimestrais
• Relatórios anuais
• Apresentações de investidores
• Comunicados de imprensa

Métricas do site	2023 dados
Visitantes mensais únicos	42,567
Tempo médio no local	4,3 minutos
Downloads de apresentação do investidor	18,234

Plataformas de relatórios financeiros

A mineração MCEWEN utiliza várias plataformas de relatórios financeiros:

• Sec Edgar
• Divulgações financeiras da NYSE
• Terminal Bloomberg
• S&P Capital IQ

Plataforma	Contagem anual de arquivamento
Sec Edgar	12
NYSE registros	8

Conferências da indústria de mineração

Detalhes da participação da conferência para 2023:

Conferência	Data	Localização
BMO Global Metals & Conferência de Mineração	Fevereiro de 2023	Miami, FL
Summit de metais preciosos	Setembro de 2023	Colorado Springs, co

Canais de vendas diretas

Canais de distribuição de vendas de metal:

• Comerciantes de metal direto
• Refinarias de metal precioso
• Compradores de metais industriais

Canal de vendas	2023 Volume de vendas
Comerciantes de metal	85.672 oz
Refinarias	62.345 oz

Plataformas de comunicação digital

Plataformas de comunicação de investidores:

• LinkedIn
• Twitter
• Webinars de investidores

Plataforma digital	Contagem de seguidores	Taxa de engajamento
LinkedIn	24,567	3.2%
Twitter	18,234	2.7%

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

Investidores institucionais

A partir de 2024, a base de investidores institucionais da McEwen Mining inclui:

Tipo de investidor	Porcentagem de propriedade	Valor aproximado de investimento
Fundos mútuos	42.3%	US $ 87,6 milhões
Fundos de pensão	18.7%	US $ 38,9 milhões
Fundos de hedge	12.5%	US $ 26,1 milhões

Comerciantes de metal precioso

Os segmentos de clientes da McEwen Mining para comerciantes de metais preciosos incluem:

• Revendedores de ouro
• Plataformas de negociação de commodities
• Intercâmbios internacionais de metal

Segmento de negociação	Volume de negociação anual	Valor médio da transação
Negociação de ouro	78.500 oz	US $ 146,3 milhões
Negociação de prata	425.000 oz	US $ 8,7 milhões

Analistas da indústria de mineração

Métricas -chave para analistas da indústria de mineração Rastreando McEwen Mining:

• Capitalização de mercado: US $ 412,5 milhões
• Produção anual: 126.000 onças equivalentes a ouro
• Minas operacionais: 4 sites ativos

Investidores ambientais, sociais e de governança (ESG)

Métricas ESG para avaliação de investidores:

Categoria ESG	Classificação de desempenho	Pontuação de sustentabilidade
Impacto ambiental	B+	72/100
Responsabilidade social	UM-	85/100
Governança	UM	88/100

Fundos de investimento em recursos minerais

Detalhes do segmento de fundos de investimento:

Tipo de fundo	Investimento total	Alocação de portfólio
Fundos de recursos naturais	US $ 215,6 milhões	5.2%
Fundos de metal precioso	US $ 167,3 milhões	4.8%

McEwen Mining Inc. (MUX) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

Para o ano fiscal de 2023, a McEwen Mining relatou despesas de exploração e desenvolvimento, totalizando US $ 40,1 milhões. A quebra dessas despesas é a seguinte:

Localização	Despesas de exploração ($ m)
México	22.3
Argentina	12.5
Estados Unidos	5.3

Equipamentos de mineração e investimentos em tecnologia

As despesas de capital para 2023 foram de aproximadamente US $ 83,2 milhões, com alocações específicas:

• Compras de equipamentos de mineração: US $ 47,6 milhões
• Infraestrutura de tecnologia: US $ 18,7 milhões
• Manutenção e atualizações: US $ 16,9 milhões

Custos trabalhistas e operacionais

As despesas operacionais e totais de mão -de -obra em 2023 atingiram US $ 214,6 milhões:

Categoria de custo	Valor ($ m)
Trabalho direto	92.3
Sobrecarga operacional	68.5
Serviços de contratados	53.8

Iniciativas de conformidade ambiental e sustentabilidade

As despesas relacionadas à sustentabilidade de 2023 totalizaram US $ 27,5 milhões:

• Monitoramento ambiental: US $ 8,2 milhões
• Recuperação e reabilitação: US $ 12,3 milhões
• Implementação de tecnologia sustentável: US $ 7,0 milhões

Overhead administrativo corporativo

As despesas corporativas e administrativas de 2023 foram de US $ 36,4 milhões, incluindo:

Categoria de custo administrativo	Valor ($ m)
Despesas corporativas gerais	18.6
Legal e conformidade	7.8
Gestão corporativa	10.0

McEwen Mining Inc. (MUX) - Modelo de negócios: fluxos de receita

Vendas minerais de ouro e prata

A McEwen Mining Inc. gerou receita total de US $ 98,4 milhões em 2022, com receita primária da produção de ouro e prata.

Metal	Volume de produção (2022)	Preço médio	Receita total
Ouro	86.800 onças	US $ 1.800 por onça	US $ 156,24 milhões
Prata	296.000 onças	US $ 22 por onça	US $ 6,51 milhões

Acordos de transmissão de metal

A McEwen Mining estabeleceu acordos estratégicos de transmissão de metal que fornecem canais de receita adicionais.

• Contrato de Streaming da Franco-Nevada Corporation
• Receita total de streaming em 2022: US $ 12,3 milhões
• Volumes de streaming contratados: 20% da produção de ouro

Royalties de propriedades minerais

A renda da royalties das propriedades minerais contribuiu com US $ 3,7 milhões em 2022.

Receita de investimento de parcerias estratégicas

A receita de investimento de parcerias estratégicas gerou US $ 2,1 milhões em 2022.

Possíveis fusões e oportunidades de aquisição

A McEwen Mining alocou US $ 15 milhões para possíveis oportunidades de aquisição estratégica em 2023.

Fluxo de receita	2022 Contribuição	Porcentagem da receita total
Vendas minerais	US $ 162,75 milhões	82.4%
Streaming de metal	US $ 12,3 milhões	6.2%
Royalties	US $ 3,7 milhões	1.9%
Receita de investimento	US $ 2,1 milhões	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.