McEwen, Inc. Q1 FY2025 earnings call

• Increased liquidity using a capped call convertible note, with funds to advance Fox Complex development. - Consolidated annual production in 2030 could reach 225,000 - 255,000 ounces, an over 80% increase from current production. - Gold Bar produced 10% more gold than budget, cash cost below guidance, but high all-in sustaining cost due to accelerated stripping. - Fox Complex had operational underperformance in Q1 but future improvement expected; permit received for Stock mine ramp. - Active exploration programs at Fox Complex and Gold Bar, with Grey Fox resource growing rapidly. - Regular dialogue with Hochschild regarding San José mine, balancing reinvestment, dividends, and rainy day funds. - McEwen Copper treasury below $10 million, needing additional funding for feasibility study. - Income statement to improve once Los Azules feasibility study is published, as expenses will be capitalized.

Gold Bar: In Q1 2025, produced 10% more gold than budget with a cash cost of $1,146, which is 24% below the low end of annual guidance ($1,500). However, all-in sustaining cost per ounce was approximately $2,200 due to accelerating stripping to access a previously uneconomic gold zone. Fox Complex: Q1 was operationally disappointing with lower production and higher costs per ounce than budget, but future production and costs are expected to improve. A permit to construct a ramp to the underground at the Stock mine was received. San José mine: 49% interest paid a $2.2 million dividend in Q1, with more expected during the year. The mill expansion to 2,000 tons per day with a Vertimill is improving throughput and lowering unit costs.

• Funds from the capped call note will be used to advance Fox Complex development. - Consolidated production in 2030 expected to be 225,000 - 255,000 ounces. - Expect more dividends from San José mine during 2025. - McEwen Copper likely needs additional runway to complete the feasibility study by July, beyond the current $10 million cash balance.

• Operational risks at Fox Complex with lower production and higher costs in Q1. - Uncertainty in permitting timeline for Grey Fox mine development. - Currency impacts on San José mine's reported U.S. dollar cash costs due to a strong Argentine peso. - Funding risk for McEwen Copper feasibility study if additional capital is not secured.

Q: How much cash or cash plus investments is held within the copper subsidiary?

A: Currently, the treasury for McEwen Copper is below $10 million currently.

Q: Do you think $10 million is enough to get the feasibility study complete by July?

A: We will likely need some additional runway to get to July, as we just finished a geotechnical program and ideally want to complete another round prior to the feasibility study.

Q: Regarding San José dividend and working capital, have Hochschild given indication on payouts?

A: We're in regular dialogue with Hochschild; it's a balance between reinvesting in the mine, returning to shareholders, and setting aside funds for rainy day and closure.

Q: Timeline for first production from Stock mine underground?

A: Anticipate first production from the underground portion of the Stock mine in the last quarter of 2025, with ramping up to full capability next year.

Q: Time frame and cost for Grey Fox mine?

A: Studying capital and operating costs, access method (underground vs. small open pit), with permitting potentially taking 18 - 24 months.