McEwen (MUX) investor relations material

Industry outlook and challenges

• Higher metal prices and new projects are driving optimism, but public opposition to mining remains a key challenge requiring new approaches to win social license.

• Mining sector is currently underrepresented in global equity markets, with potential for a 4x to 5x increase in ownership if industry perception improves.

Recent achievements and project milestones

• Secured International Finance Corporation endorsement and Argentinian government tax incentives for Los Azules.

• Released robust feasibility and pre-feasibility studies for Los Azules and Timmins, respectively, and restarted Mexican operations.

• Acquired Canadian Gold Corp, expanded Nevada properties, and received a $58 million dividend from a joint venture.

• Added to the Russell 2000 Index and completed a $240 million term loan for McEwen Copper, supporting Los Azules through to final investment decision in mid-2027.

Regenerative mining and sustainability vision

• Los Azules aims to be the world's first regenerative copper mine, prioritizing environmental stewardship and community engagement.

• Over 1,000 high-quality local jobs will be created, with a focus on safety, dignity, and livability.

• Mine camp will be solar-powered, self-sustaining, and designed for health, equity, and environmental protection.

• Operations will use solar energy, electrified fleets, closed-loop heap leaching, and advanced water treatment to minimize environmental impact.

• Ongoing innovation and partnerships with universities aim to set new standards for sustainable mining.