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McEwen (MUX) is a gold and silver mining company, akin to a smaller-scale version of industry leaders like **Barrick Gold** or **Newmont**.

Think of McEwen (MUX) as a resource company extracting gold and silver, somewhat like a specialized, smaller **ExxonMobil** that focuses solely on precious metals rather than oil and gas.

McEwen (MUX) operates as a gold and silver miner, similar to how diversified giants like **Rio Tinto** or **BHP Group** mine for a broader range of minerals, but MUX is focused specifically on precious metals.

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• Gold: A precious metal extracted from its mining operations and sold.
• Silver: A precious metal extracted from its mining operations, often as a byproduct of gold, and sold.

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McEwen Mining (MUX) is a gold and silver producer. As such, it sells raw commodities (primarily gold and gold-silver dore and concentrates) into a global, liquid market. The company sells primarily to other companies rather than directly to individuals.

Due to the nature of the precious metals market, McEwen Mining, like most producers of fungible commodities, typically does not depend on a few "major customers" in the traditional sense, as its products can be sold to a variety of buyers globally. The market demand for gold and silver is broad, and supply agreements are often short-term or spot-based with various counterparties. Therefore, specific names of "major customers" are generally not disclosed and are not considered material for a mining company.

However, the categories of companies that purchase gold and silver from producers like McEwen Mining include:

• Precious Metal Refiners: These companies process the raw gold and silver (in the form of dore bars or concentrates) into higher purity investment-grade bars or other forms. Examples of major global refiners include Valcambi, PAMP, Heraeus, and Metalor. These are typically private entities or divisions of larger groups, and McEwen would not exclusively sell to just one.
• Bullion Banks / Dealers: These are financial institutions or specialized dealers that buy, sell, and trade large quantities of physical gold and silver for their own accounts, for clients, or for facilitating market liquidity. Major global banks often operate dedicated bullion desks. Examples of public companies with significant bullion operations include JPMorgan Chase & Co. (JPM) and HSBC Holdings plc (HSBC).

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Robert McEwen, Chairman & Chief Owner

Rob McEwen has dedicated his entire career to the gold industry, initially in investment before transitioning to mining in 1990. In 1993, he founded Goldcorp Inc., overseeing its growth from a market capitalization of $50 million to over $8 billion during his tenure as CEO. Goldcorp later merged with Newmont in 2019. McEwen then established McEwen Mining by acquiring U.S. Gold and merging it with Minera Andes. He currently serves as the Chairman and Chief Owner of McEwen Mining Inc., and is its largest shareholder, famously taking an annual salary of $1.

Perry Ing, Chief Financial Officer

Perry Ing brings 25 years of experience in the Canadian mining industry, having held Chief Financial Officer (CFO) positions at Mountain Province Diamonds, Kirkland Lake Gold, and McEwen Mining. He served as CFO of McEwen Mining and its predecessor from 2008 to 2015, and rejoined as Interim CFO in May 2022. His prior experience includes roles at Barrick Gold and Goldcorp, and he began his career in the mining practice at PwC. Ing was CFO of Kirkland Lake Gold when it was acquired by Agnico Eagle in 2022.

William Shaver, Chief Operating Officer

William Shaver is a seasoned mining executive with over 50 years of experience encompassing mine design, construction, and operations. In 1980, he co-founded Dynatec Corporation, which grew to become a leading contracting and mine operating group in North America. Shaver also served as Chief Operating Officer of INV Metals prior to its sale to Dundee Precious Metals. He joined the McEwen Mining Board in 2021 and assumed the role of Chief Operating Officer in May 2022. He was recognized as the Ernst and Young Entrepreneur of the Year in 2013 for his dedication to innovation in the mining industry.

Michael Meding, Vice President and General Manager, McEwen Copper

Michael Meding has over 20 years of international experience within major mining companies such as Barrick Gold and Trafigura. He played a pivotal role in the turnaround and extension of the mine life at Barrick Gold's Veladero mine in Argentina, which included a strategic partnership with Shandong Gold. Meding currently serves as the General Manager and CEO of McEwen Copper, where he is leading the development of the significant Los Azules copper project.

Stefan Spears, Vice President, Corporate Development

Stefan Spears has been with McEwen and its predecessor companies since 2005. He previously served as Vice President of Projects, overseeing the early development of the Gold Bar Mine. Between 2012 and 2015, Spears founded and successfully sold a manufacturing enterprise outside of the mining sector. Rejoining McEwen in 2015, he has since been involved in numerous mergers, acquisitions, and financings. He also holds positions as Chairman and CEO of Inventus Mining Corp. and is a board member of Sabre Gold Mines Corp.

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The key risks to McEwen Mining Inc.'s business (MUX) are:

1. Fluctuations in Commodity Prices: McEwen Mining's revenue is directly tied to the market prices of gold, silver, and copper. The company operates as a price-taker, and its profitability is highly sensitive to the volatility of these metal prices, especially given its relatively high all-in sustaining costs for gold production. The value of its significant McEwen Copper stake and the Los Azules project, intended to diversify its portfolio, also expose the company to copper price fluctuations.

2. Operational Setbacks and Execution Risk: The company faces risks related to operational execution at its mines, including unexpected production challenges and high operating costs. Recent examples include issues at the Froome mine and encountering unmineralized material at Gold Bar. Bringing new projects, particularly the large-scale Los Azules copper project, into production requires substantial capital and carries inherent execution risks. Persistent operational setbacks could undermine growth expectations.

3. Permitting and Regulatory Risks: McEwen Mining's ability to develop and operate its mining projects depends on receiving timely permits and other regulatory approvals. Delays in obtaining these permits can impact production timelines and development plans. Additionally, the company is exposed to political, economic, social, and security risks associated with its foreign operations, which can influence regulatory environments.

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The clear emerging threat for McEwen Mining Inc. (MUX) is the increasing shift towards a circular economy and the growing efficiency and preference for recycled precious metals. Driven by environmental, social, and governance (ESG) considerations, industries and consumers are increasingly favoring sources of gold and silver with a lower environmental footprint. Advances in recycling technologies and infrastructure are making it more feasible and cost-effective to recover these metals from electronic waste, jewelry, and industrial by-products. This trend provides an alternative supply source that could reduce the overall market demand for newly mined primary resources, directly impacting McEwen Mining's revenue and profitability by affecting commodity prices and market share.

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McEwen Inc. (MUX) primarily focuses on the exploration and production of gold, silver, and copper. The addressable markets for these main products are global.

• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.80%. Another estimate places the global gold market size at USD 5103.47 billion in 2024, expected to reach USD 5627.81 billion by 2033 with a CAGR of 1.23%. In terms of volume, the market is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030, with a CAGR of 7.38%.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86%. The market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030, at a CAGR of 4.64%. Global silver demand is expected to reach 1,196 million ounces in 2026.
• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. Other estimates suggest the global copper market size was approximately USD 349.14 billion in 2025 and is forecasted to reach around USD 548.2 billion by 2034, growing at a CAGR of 5.11%. In volume, the market is estimated at 26.29 million tons in 2025 and is expected to reach 32.18 million tons by 2030, at a CAGR of 4.12%.

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McEwen Mining Inc. (MUX) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Gold Production from Key Projects: McEwen Mining aims to significantly increase its consolidated annual gold equivalent ounces (GEOs) production. The company targets a doubling of production to 250,000–300,000 GEOs by 2030, with a substantial portion coming from the Fox Complex. The Stock Mine, part of the Fox Complex, is anticipated to commence production by mid-2026, contributing to lower-cost gold output. Additionally, Phase 1 production at the El Gallo project in Mexico is targeted for mid-2027, with an expected annual production of up to 20,000 GEOs. The Gold Bar Mine is also expected to see increased production in the latter half of 2025 and through 2026 as waste stripping activities conclude and ore availability improves.
2. Advancement of the Los Azules Copper Project: The Los Azules copper project in Argentina is a major long-term growth driver. Detailed engineering is scheduled to begin, with construction targeted for early 2027, contingent on project financing. The project is projected to produce over 450 million pounds of copper annually during its first five years of operation. Furthermore, Los Azules' acceptance into Argentina's Large Scale Investment Incentive Program provides crucial legal, fiscal, and customs stability for 30 years, de-risking the project.
3. Strategic Acquisition of Canadian Gold Corp's Tartan Mine: The acquisition of Canadian Gold Corp, expected to finalize in January 2026, will integrate the Tartan Mine into McEwen's portfolio. The company plans to conduct a resource estimate for the Tartan Mine and advance engineering designs to support future production, offering an additional stream of potential revenue.
4. Favorable Commodity Price Environment: McEwen Mining is benefiting from strong and rising metal prices, including gold, silver, and copper. In the past year, gold prices have risen by 45%, silver by 47%, and copper by 13%. Management anticipates that intermediate and long-term prices for these metals will be even higher, directly boosting revenue per unit sold.
5. Exploration Success and Resource Expansion: Ongoing exploration efforts are expected to contribute to future revenue growth through resource expansion. McEwen Mining has identified promising gold exploration opportunities in Nevada and Canada. At the Los Azules project, less than 10% of the company's holdings have been explored, and eight significant targets have already been identified, with plans to focus on four in the upcoming season, suggesting potential for substantial resource growth. A resource update for the Grey Fox project is also anticipated in Q4 2025.

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• In June 2024, McEwen Mining completed a flow-through share issuance for gross proceeds of $21.9 million.
• In February 2025, McEwen Mining issued $110.0 million in Capped Call 5.25% Convertible Senior Unsecured Notes due 2030.
• The number of shares outstanding increased from 52,924,821 on September 30, 2024, to 54,106,415 on September 30, 2025.

• In July 2024, McEwen Mining invested $14 million in its subsidiary, McEwen Copper, as part of a $70 million financing.
• In August 2024, the company acquired Timberline Resources Corporation to create synergies with its existing Gold Bar mine operations.
• In October 2025, McEwen Inc. entered an agreement to acquire Canadian Gold Corp. through a share exchange.

• Capital expenditures were $43.1 million in 2024, $60.3 million in 2023, and $24.2 million in 2022.
• A major focus of capital expenditures in 2025 is the development of underground ramp access to the Stock orebodies at the Fox Complex, with costs fully funded by $11.3 million from a June 2024 flow-through financing and $60.0 million from February 2025 convertible notes financing.
• The initial capital expenditure for the Los Azules copper project is estimated between $2.153 billion and $2.462 billion, with construction targeted for late 2026 or early 2027, subject to project financing.