McEwen Mining Inc. Q2 FY2025 earnings call

Safety

• No lost time accidents this year; Mexico has 1.5 years, Timmins 3.5 years, and Nevada over 5 years without a lost time injury.

Exploration

• Invested $51 million in exploration over the past 2.5 years; exciting drill results at Froome West zone (36 grams over 10 meters) and Tartan property in Manitoba.

Production

• Q2 production was slightly behind objectives due to manpower and stripping issues but positioned to catch up in the second half; Froome mine extended to 2026 with ongoing drilling; Grey Fox pre-feasibility study to be completed in the first half of 2026 with robust economics; acquisition of Canadian Gold Corp is a good fit, and Tartan property has potential for restart.

McEwen Copper

• Los Azules Project in Argentina invested $15.6 million in Q2, aiming for a definitive feasibility study end of Q3 2025; submitted revised RIGI application, and Argentina's Decree 563 eliminates copper export duty.

In the second quarter of 2025, McEwen's adjusted EBITDA was $17.3 million or $0.32 per share, more than double the comparable period a year ago. Treasury stood at $54 million, up from $14 million the prior year, and working capital was $62 million compared to a negative $7 million at the end of the previous year. For McEwen Copper, the Los Azules Project in Argentina saw $15.6 million invested in Q2. Canadian Gold Corp's Tartan property in Manitoba has exploration potential with historical production and recent drill results.

Grey Fox

• Pre-feasibility study to be completed in the first half of 2026.

Los Azules Project

• Definitive feasibility study expected end of Q3 2025 due to optimization work and cost increases.

Production

• Expectation to catch up production in the second half of 2025.

Tartan Property

• Aims for accelerated mine restart with McEwen's support, with restart likely in 2-3 years after updated resource estimate and PEA.

• Permitting delays for projects like Los Azules and Windfall/Lookout Mountain in Nevada.
• Market price fluctuations affecting gold, silver, and copper prices.
• Uncertainties in exploration results and their impact on production growth.

Q: At San José, production was down; any color?

A: Lower recovery rates and grade, but July was good, expecting full year guidance to be met.

Q: Feasibility study for Los Azules; contingent on capital raise?

A: No, not contingent; end of Q3 guidance due to optimization work and cost increases.

Q: Tartan mine restart timing?

A: Intends to finish Phase 4 drill program end of year, then updated resource estimate and PEA, with restart likely in 2-3 years.

Q: Permitting for Windfall and Lookout Mountain in Nevada?

A: Permitting takes 2-3 years; some property is private, others BLM land, with potential to use existing infrastructure or leach pad near ore body.