McEwen Mining Inc. Q4 FY2025 earnings call

1. Los Azules project: In October 2025, feasibility study results were released. At $4.35 per pound copper, after-tax NPV at 8% discount is $2.9 billion, IRR 19.8%, payback 3.9 years. At $5.80 per pound copper, NPV doubles to $6.3 billion, IRR jumps to 30%, payback shortens to 2.7 years. Potential for additional 33 years' mine life and increased copper production. Project is low-impact, uses less water, carbon emissions, and can operate on 100% renewable power. IFC has signed collaboration agreement. Targeting final investment decision by end of 2026 and construction start in early 2027. 2. Silver production: Currently, portion of San Jose mine silver production is 1.8 million ounces. El Gallo Phase 2 has potential 3 - 4 million ounces. Considering silver price, looking at accelerating El Gallo Phase 2 production and deferring gold production. 3. Goliath Resources: Rich gold deposit in British Columbia with high success drilling, part of strategy like building Gold Corp. 4. Paragon: McEwen has ~28% stake, Paragon's photon assay technology gaining acceptance, Barrick using 18 machines, turnaround times for assaying reduced, non-destructive and larger sample analysis advantages.

1. Targeting final investment decision for Los Azules by end of 2026 and construction start in early 2027. 2. Expecting bulk of 2026 capital expenditures focused on Fox complex stock mine, heap leach expansion at Gold Bar, and Mexico plant refurbishment. 3. Next few years capital expenditures around $100 million a year.

Q: Looking at 2026 guide, is stock production revisit for guidance in second half?

A: Project development at stock is going well, on schedule, production from there in second half, fruit mine fading out while ramping up.

Q: On M&A, full with internal growth or attractive bolt-on acquisitions?

A: Concentrating on adjacent properties, open to other opportunities, metal markets see supply issues and demand increase, want McEwen to benefit.

Q: Will report stock pre-production ounces, rationale?

A: Expect to report pre-production ounces partway through year, not giving production/cost guidance as pre-commercial.

Q: Gold Bar remaining mine life and Trinity Ridge?

A: Gold Bar mine life into 2030s, Trinity Ridge below existing pits, current drill program with 150 holes, third of the way, will calculate resource and do metallurgical test work.

Q: MSC dividends, opportunity to buy out Posh Child?

A: Posh Child had desire to sell faded, active exploration, Rob considers monetizing and redeploying capital.

Q: 2026 capital expenditures across assets?

A: Bulk on Fox complex stock mine, ~$50 - $60 million to finish, $12 million heap leach expansion at Gold Bar, $25 million Mexico plant refurbishment.

Q: Does resource update for Tartan plan to de-risk or accretion?

A: Expect larger resource as vertical extent expanded, but not apples to apples due to stope optimization and cutoff grade differences.

Q: M&A strategy, more to come?

A: Opportunistic, focus on close proximity to existing operations for extending life and increasing production.

Q: Update on McEwen's stake in Paragon and adoption?

A: ~28% stake, Paragon's technology gaining acceptance, Barrick using 18 machines, turnaround times reduced, non-destructive etc. advantages, no immediate financial impact yet.