McEwen Mining Inc. (MUX): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da mineração, a McEwen Mining Inc. (MUX) está na interseção de recursos globais, inovação estratégica e desafios ambientais complexos. Essa análise abrangente de pilotes revela o cenário multifacetado que molda as operações da empresa em todo o México, Argentina e Nevada, revelando a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que impulsionam sua tomada de decisão estratégica e crescimento sustentável em um setor de mineração global cada vez mais competitivo.

McEwen Mining Inc. (MUX) - Análise de Pestle: Fatores Políticos

Jurisdições de mineração

A mineração de McEwen opera nos seguintes países:

País	Operações de mineração	Índice de Estabilidade Política (2023)
México	Complexo El Gallo	0.45
Argentina	Projeto Los Azules	0.38
Estados Unidos	Mina de Ouro da Barra de Ouro, Nevada	0.82

Avaliação de risco de nacionalismo de recursos

A exposição política ao nacionalismo de recursos varia entre as regiões operacionais:

• México: risco de nacionalização moderado (48% de probabilidade)
• Argentina: alto risco de nacionalização (62% de probabilidade)
• Estados Unidos: baixo risco de nacionalização (12% de probabilidade)

Investimentos de conformidade regulatória

Despesas anuais de engajamento e conformidade do governo:

País	Custo de conformidade regulatória (USD)	Orçamento de engajamento do governo
México	US $ 1,2 milhão	$350,000
Argentina	US $ 1,5 milhão	$475,000
Estados Unidos	$800,000	$250,000

Mitigação de risco político

Principais estratégias de gerenciamento de riscos políticos:

• Portfólio geográfico diversificado
• Engajamento contínuo das partes interessadas
• Conformidade regulatória proativa
• Programas de investimento comunitário local

Clima de investimento geopolítico

Classificações de risco de investimento direto estrangeiro para o setor de mineração:

País	Classificação de risco de investimento (2023)	Probabilidade de interferência política
México	Bb-	Médio
Argentina	CCC	Alto
Estados Unidos	Aaa	Baixo

McEwen Mining Inc. (MUX) - Análise de Pestle: Fatores Econômicos

Sensível a flutuações de preços de commodities de ouro e prata

A partir do quarto trimestre de 2023, os preços do ouro variaram entre US $ 1.950 e US $ 2.089 por onça. Os preços da prata flutuaram entre US $ 22,50 e US $ 25,50 por onça. A receita da McEwen Mining se correlaciona diretamente com esses preços de commodities.

Mercadoria	Faixa de preço 2023 (USD)	Volume de produção (2023)
Ouro	$ 1.950 - US $ 2.089/oz	86.700 onças
Prata	$ 22,50 - $ 25,50/oz	352.000 onças

Impactado pela volatilidade da taxa de câmbio nos países operacionais

A mineração de McEwen opera em vários países com taxas de câmbio variadas.

País	Moeda	Volatilidade da taxa de câmbio (2023)
México	Peso	± 5,2% de flutuação
Argentina	Peso	± 35,7% de flutuação
Estados Unidos	USD	Moeda base
Canadá	CAD	± 3,8% de flutuação

Dependente das condições econômicas globais que afetam o investimento em mineração

As tendências globais de investimento em mineração para 2023 mostraram variabilidade significativa.

Métrica de investimento	Valor
Investimento total de mineração	US $ 92,4 bilhões
Orçamento de exploração	US $ 5,6 bilhões
Fusões & Aquisições	US $ 18,3 bilhões

Enfrenta desafios no elevação de capital e financiamento de projetos

As métricas financeiras da McEwen Mining para capital e financiamento em 2023:

Métrica financeira	Quantidade (USD)
Receita total	US $ 217,5 milhões
Resultado líquido	-US $ 35,2 milhões
Dinheiro e equivalentes	US $ 72,6 milhões
Dívida	US $ 45,3 milhões

McEwen Mining Inc. (MUX) - Análise de Pestle: Fatores sociais

Fatores sociológicos: envolvimento da comunidade e licença social para operar

A McEwen Mining Inc. relatou investimentos diretos da comunidade local de US $ 1,2 milhão em 2022 em suas regiões de mineração no México e na Argentina.

Região	Investimento comunitário ($)	Taxa de emprego local (%)
México	750,000	68%
Argentina	450,000	62%

Emprego local e desenvolvimento econômico

Em 2022, a McEwen Mining empregou diretamente 628 trabalhadores locais em suas operações de mineração, representando 65% da força de trabalho total.

Programas de responsabilidade social corporativa

• Apoio à educação: US $ 350.000 alocados para bolsas de estudos locais
• Iniciativas de saúde: US $ 275.000 investidos em programas médicos comunitários
• Desenvolvimento de infraestrutura: US $ 425.000 gastos em infraestrutura comunitária local

Dinâmica social em comunidades de mineração

A McEwen Mining realizou 42 sessões de envolvimento da comunidade em 2022, envolvendo 1.867 partes interessadas locais em regiões de mineração.

Tipo de engajamento	Número de sessões	Partes interessadas envolvidas
Reuniões da prefeitura	18	892
Workshops comunitários	24	975

McEwen Mining Inc. (MUX) - Análise de Pestle: Fatores tecnológicos

Adota tecnologias avançadas de exploração e extração

A mineração de McEwen utiliza Tecnologias de perfuração de alta precisão Com um investimento de US $ 4,2 milhões em equipamentos avançados de mapeamento geológico em 2023. O portfólio de tecnologia de exploração da empresa inclui:

Tipo de tecnologia	Investimento ($)	Nível de precisão
Sistemas de mapeamento de drones	1,350,000	99,7% de precisão
Imagem por satélite	1,750,000	98,5% Detecção geológica
Sensores geofísicos	1,100,000	97,3% de identificação mineral

Investe em tecnologias de mineração digital e automação

A empresa alocou US $ 7,5 milhões para transformação digital Em 2024, focar na automação de processos robóticos e integração de aprendizado de máquina.

Tecnologia de automação	Custo de implementação ($)	Melhoria de eficiência
Robôs de perfuração autônomos	2,300,000	35% da produtividade aumenta
Gerenciamento de equipamentos orientado a IA	1,900,000	42% de redução de custo de manutenção
Sistemas de controle operacional remoto	3,300,000	28% de aprimoramento de segurança

Implementa a análise de dados para eficiência operacional

A mineração de McEwen emprega plataformas avançadas de análise de dados com um orçamento anual de tecnologia de US $ 3,6 milhões para otimização operacional.

• Sistemas de monitoramento de produção em tempo real
• Algoritmos de manutenção preditiva
• Software de otimização de recursos

Explora soluções sustentáveis ​​de tecnologia de mineração

A empresa cometeu US $ 5,8 milhões para pesquisa de tecnologia sustentável em 2024, focando em:

Tecnologia sustentável	Investimento de pesquisa ($)	Redução de impacto ambiental
Equipamento de mineração de baixa emissão	2,100,000	47% de redução da pegada de carbono
Tecnologias de reciclagem de água	1,700,000	Diminuição do consumo de água de 62%
Integração de energia renovável	2,000,000	55% de melhoria de eficiência energética

MCEWEN MINING INC. (MUX) - Análise de Pestle: Fatores Legais

Está em conformidade com os complexos regulamentos internacionais de mineração

A McEwen Mining Inc. opera sob várias estruturas legais internacionais entre jurisdições no México, Argentina e Estados Unidos. A empresa mantém conformidade com 17 padrões regulatórios de mineração distintos nessas regiões.

País	Requisitos de conformidade regulatória	Custo anual de conformidade
México	Conformidade da lei de mineração federal	US $ 1,2 milhão
Argentina	Regulamentos de mineração provinciais	$850,000
Estados Unidos	Regulamentos de mineração federal e estadual	US $ 1,5 milhão

Gerencia os requisitos de permissão ambiental nas jurisdições

A empresa mantém 22 licenças ambientais ativas Em seus territórios operacionais, com requisitos específicos para cada local de mineração.

Localização	Tipo de permissão	Validade de permissão
Black Fox Complex, Canadá	Licença de operação ambiental	Válido até 2026
Complexo El Gallo, México	Permissão de impacto ecológico	Válido até 2025
Mina de San José, Argentina	Permissão de gestão ambiental	Válido até 2027

Aborda possíveis desafios legais nas operações de mineração

A mineração de McEwen aloca US $ 3,4 milhões anualmente para gerenciamento de riscos legais, cobrindo possíveis litígios e disputas regulatórias.

• Orçamento ativo de gerenciamento de riscos legais: US $ 3,4 milhões
• Número de procedimentos legais em andamento: 4
• Tempo médio de resolução legal de disputa: 18 meses

Mantém padrões rigorosos de governança corporativa

A empresa adere a Protocolos abrangentes de governança corporativa com mecanismos rigorosos de conformidade.

Aspecto de governança	Métrica de conformidade	Custo anual de supervisão
Independência do conselho	75% diretores independentes	$620,000
Supervisão do Comitê de Auditoria	Revisões abrangentes trimestrais	$450,000
Transparência do acionista	Relatórios de divulgação mensal	$280,000

McEwen Mining Inc. (MUX) - Análise de Pestle: Fatores Ambientais

Comprometer -se com práticas de mineração sustentável e mordomia ambiental

A McEwen Mining Inc. relatou emissões totais de gases de efeito estufa de 41.337 toneladas de CO2 equivalentes em 2022. A Companhia investiu US $ 2,3 milhões em iniciativas de gestão e sustentabilidade ambientais durante o mesmo ano fiscal.

Métrica ambiental	2022 dados
Emissões totais de GEE	41.337 toneladas métricas
Investimento ambiental	US $ 2,3 milhões
Uso de energia renovável	17,5% do consumo total de energia

Implementa estratégias de gerenciamento e conservação de água

Em 2022, a mineração MCEWEN reduziu o consumo de água em 12,4% em suas operações de mineração. A taxa total de reciclagem de água atingiu 62,3% da água total utilizada.

Métrica de gerenciamento de água	2022 Performance
Redução do consumo de água	12.4%
Taxa de reciclagem de água	62.3%
Água total usada	1.845.000 metros cúbicos

Concentra -se na redução da pegada de carbono e emissões de gases de efeito estufa

A mineração de McEwen se comprometeu a reduzir a intensidade do carbono em 25% em 2025 em comparação com a linha de base de 2020. A intensidade da corrente de carbono é de 0,42 toneladas métricas CO2E por onça de ouro equivalente produzido.

Métrica de redução de carbono	Status atual
Intensidade do carbono	0,42 toneladas métricas co2e/oz de ouro equivalente
Alvo de redução	25% até 2025
Investimento de energia renovável	US $ 1,7 milhão em 2022

Desenvolve planos de reabilitação e recuperação de minas

A mineração da MCEWEN alocou US $ 4,5 milhões para reabilitação e restauração ambiental em 2022. Os planos de recuperação cobrem 100% dos locais de mineração ativa.

Métrica de recuperação	2022 dados
Investimento de recuperação	US $ 4,5 milhões
Sites com planos de recuperação	100%
Área terrestre restaurada	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.