McEwen, Inc. Q4 FY2024 earnings call

• 2024 consolidated production was 135,884 gold equivalent ounces (12% lower than 2023), but selling price was 24% higher, leading to adjusted EBITDA of $29.2 million (3.8x higher than 2023).
• Spent $16.5 million on exploration at the Fox Complex, increasing resources to over 2 million ounces. Plans to double gold production from Fox Complex to 60,000 ounces by 2027.
• Los Azules project has an implied value of $457 million in McEwen Mining, with feasibility study expected by end of June 2024 and IPO potential thereafter.
• Increased debt from $40 million to $130 million via a capped call convertible debenture. Expecting a dividend from the 29% interest in the San Jose Mine.

Gold Assets: Spent $16.5 million on exploration at the Fox Complex in Timmins, Ontario, increasing indicated and inferred resources to over 2 million ounces. Plans to double production from 2024 levels to 60,000 ounces by 2027, with potential to increase to 130,000-150,000 ounces. Gold Bar's mine life is extended, aided by the acquisition of Timberline Resources. McEwen Copper (Los Azules): 46% interest with an implied value of $457 million. Feasibility study expected by end of June 2024, followed by an IPO depending on market conditions.

• Los Azules feasibility study is expected to be completed by the end of June 2024, followed by an IPO depending on market sentiment towards copper.
• Plan to double gold production from the Fox Complex to 60,000 ounces by 2027, with potential to increase to 130,000-150,000 ounces.
• Expect positive earnings from gold operations at $3000 spot gold levels.

• Indigenous claim at the Timmins property, requiring constructive engagement with the tribe.
• Concerns about Rio Tinto's involvement in McEwen Copper, but shareholders' rights agreement in place to prevent squeezing out.
• Permitting challenges for Timberline properties and other projects (e.g., Mexico permit waiting).

Q: Opportunities for mine life extension at Gold Bar.

A: Bill Shaver discussed exploration on Timberline properties, with $4 million worth of exploration work ongoing, and permitting timeline for Timberline (patented vs BLM land with 3-5 year permitting).

Q: Timing of Los Azules RIGI approval.

A: Michael Meding said application for RIGI approval was filed on 11th February, with regulator information requests, hoping for approval in next few months.

Q: Concerns about Rio Tinto squeezing out McEwen Copper.

A: Stefan Spears said shareholders' rights agreement prevents squeezing out, and not at asset sale decision point yet.

Q: Progress on Grey Fox and Mexico projects.

A: William Shaver discussed Grey Fox portal rehab and permitting timeline (2-3 years), and Mexico permit waiting with cautious progress.

Q: Valuation of McEwen Mining shares.

A: Rob McEwen discussed Los Azules value and gold sector potential, expecting commodities to appreciate as geopolitical factors drive supply concerns