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McEwen Mining Inc
XBER:US8A

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McEwen Mining Inc
XBER:US8A
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Price: 3.54 EUR 2.91% Market Closed
Market Cap: €4B

McEwen Mining Inc
Investor Relations

McEwen Mining is a precious-metals mining company that explores for, develops, and produces gold and silver. It owns or has interests in mining projects in the Americas, where it extracts ore, processes it, and sells the resulting metal products to refiners and other buyers in the gold and silver supply chain. Its main customers are the companies that buy mined gold and silver, usually after the metal is poured into doré or sold as concentrate and refined further. McEwen Mining makes money by selling the metals it produces, so its results depend on how much ore it can mine, how efficiently its operations run, and the market prices for gold and silver. What makes the business different is that it sits at the mining end of the value chain, where geology, permitting, and operating know-how matter more than branding or retail sales. It also spends part of its effort on exploration and development, which gives it a mix of production today and potential new mines for the future.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 7, 2026
AI Summary
Q1 2026

Strong quarter: McEwen reported net income of $33.4 million, or $0.56 per share, versus a net loss of $6.3 million, or $0.12 per share, a year ago, helped by higher gold and silver prices and better operating execution.

Growth funded internally: Management said its growth plans are being financed by existing cash flow and dividends, with no additional shareholder dilution expected to fund the current pipeline.

Los Azules progressing: McEwen Copper said the project is moving toward final investment decision by year-end 2026, with financing discussions advancing and a bridge loan in place.

Production growth: The company reiterated a goal of reaching 250,000 to 300,000 gold equivalent ounces per year by 2030, with Canada, Nevada, Mexico and Argentina all contributing.

Dividend support: The San Jose mine paid an $8.8 million dividend in Q1, and management expects another $30 million to $40 million during the rest of 2026.

IPO still on track: Management said nothing has changed on the McEwen Copper IPO plan, but a banker has not yet been chosen and the listing venue is still being debated.

Key Financials
Net income
$33.4 million
Earnings per share
$0.56
Fully diluted earnings per share
$0.47
Cash balance
$57 million
Dividend received from San Jose
$8.8 million
Project CapEx remaining in 2026
approximately $50 million
Stock mine remaining spend
approximately $35 million
El Gallo budget in 2026
about $15 million
2027 CapEx profile
about $100 million
2028 to 2029 CapEx profile
approximately $150 million
Expected free cash flow and dividends in 2027
exceed $200 million at current gold prices
Expected cash flow in 2028 and 2029
over $250 million annually
Los Azules financing cost from FID to full operation
approximately $4 billion
Private financing raised for Los Azules
over $450 million
Bridge loan facility for Los Azules
$240 million
Pre-FID budget for Los Azules
about $197 million
Pre-FID cash need for Los Azules
approximately $161 million
McEwen Copper ownership stake
46.3%
Value of McEwen Copper stake
approximately $456 million
Los Azules copper resources
35.7 billion pounds
Los Azules gold equivalent
45 million ounces
Los Azules feasibility study cash cost
below $1,400
Los Azules feasibility study all-in sustaining cost
below $1,700
Los Azules first five years production
in excess of 500,000 ounces per year
Tartan resource
309,000 indicated ounces and 303,000 inferred gold ounces
Tartan target production
30,000 ounces per year
Canada production this year
16,000 to 19,000 ounces
Gold Bar production by 2030
90,000 to 100,000 ounces
El Gallo production by 2030
up to 20,000 ounces
Company-wide production target by 2030
250,000 to 300,000 GEOs per year
Gold Bar Complex reserves and resources
about 1 million and a quarter ounces
Windfall and Trinity Ridge leach pad capital
$10 million to $15 million
El Gallo Phase 2 expected CapEx
$40 million
Los Azules bridge to FID budget coverage
fully covered by the $240 million facility
Earnings Call Recording
Other Earnings Calls

Management

Mr. Robert Ross McEwen
Chairman, CEO, President & Chief Owner
No Bio Available
Mr. Perry Y. Ing B.Com., B.Comm, C.A., C.F.A., CPA
Interim Chief Financial Officer
No Bio Available
Mr. William M. Shaver P.Eng.
Interim COO & Director
No Bio Available
Ms. Carmen L. Diges CFA, LL.M
General Counsel & Secretary
No Bio Available
Mr. Stefan M. Spears B.Sc.
Vice President of Corporate Development
No Bio Available
Ms. Mihaela Iancu
Head of Investor Relations
No Bio Available
Mr. Kenneth D. Tylee P.Geo
Exploration Manager
No Bio Available
Mr. Michael Meding
Vice President of McEwen Copper Inc
No Bio Available
Mr. Rory Greyvensteyn
Director of Operations - Canada
No Bio Available
Mr. Jeffrey Chan
Vice President of Finance
No Bio Available

Contacts

Address
ONTARIO
TORONTO
150 King St W Suite 2800 - P.O. Box 24
Contacts
+16472580395.0
www.mcewenmining.com
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