McEwen (MUX) Investor presentation summary

Investment thesis

• Management’s sum-of-parts valuation was $19.22–$57.76 per share versus a $13.64 share price; estimated upside was ~160% to midpoint and ~330% to high, as of Nov. 3, 2026.

• The valuation assigns value to a 46.3% interest in McEwen Copper, royalties and gold and silver operations; the presentation positions the gold assets as additional value alongside copper exposure.

• Rob McEwen cited $293M of personal investment across equity and debt in the businesses, 16% ownership of MUX and a $1/year salary as evidence of shareholder alignment.

Los Azules copper project

• Los Azules has 35.7B lbs of copper, comprising 10.2B lbs of reserves and 25.4B lbs of resources, with 205 ktpa average cathode production in years 1–5 and a 21-year base mine life.

• Feasibility metrics include $1.71/lb LOM C1 cash cost, $2.11/lb LOM AISC and $3.2B initial capex; the process is open-pit heap leach SX/EW producing LME Grade A cathode.

• The project has a DIA environmental approval, RIGI approval, a completed feasibility study and a $240M term loan; project financing and FID are targeted for mid-2027, with commercial production targeted for 2030.

• The design uses 100% renewable power and heap leach SX/EW, which avoids a tailings dam; the presentation cites a 6th-percentile carbon intensity and support from San Juan province.

• Rio Tinto’s Nuton technology could add 33+ years of mine life and 141 ktpa of copper production from primary sulfides, subject to successful application of the technology.

Gold and silver growth

• Gold and silver production is targeted at 250,000–300,000 GEO by 2030, compared with 109,000–120,000 GEO 2026 guidance; growth depends on internal estimates and stated resource-conversion assumptions.

• The portfolio includes 1.25M oz of proven and probable gold reserves, 2.81M oz of measured and indicated resources and 1.77M oz of inferred resources across operations.

• Fox Complex has 0.98M oz of reserves, 1.5M oz of measured and indicated resources and 1.0M oz of inferred resources; Grey Fox is a 2Moz development opportunity with PFS and environmental assessment work advancing.

• Tartan reported 2026 drilling highlights including 17.8 g/t gold over 15.9m and 29.1 g/t over 10.0m, with a new Central Zone discovery below current workings.

• San José is a 49%-owned high-grade underground gold-silver mine; $58.2M of dividends had been received in 2026, and 2025 attributable production was ~38 koz gold and 1.8 Moz silver.