N
ONEY: AU & AG PRODUCTIONWHY OW
MUX Shares2
Outstanding 61.4 M
Fully Diluted 74.8 M
Market Cap US$1.3 B Trading Liquidity 1.2 M
(NYSE & TSX) 3 mos avg
Rob McEwen >$290 M
CEO& Investment
Chief Owner $1/ yr
Salary
McEwen Enhancing Gold Production
Production2026E: 109-120 K GEOs, with a plan to reach 250-300 K GEOs by 2030
Organic Growth With Exploration Upside- Fox Complex - upcoming mine at Stock, Grey Fox extending mine life
- Gold Bar - consolidations with prospective assets
- San José - increased mill capacity, $58 M dividend received YTD
- Fenix Project - permit received, plan for mid-2027 production
McEwen Copper Unlocking Significant Value
Advancing Los Azules, World's 10th Largest Undeveloped Copper Project1- Financings: $453 M raised to date, latest at $30 per share
- Environmental permit for construction & operation secured Dec 2024
Accepted into Argentina's Large Investment Incentive Regime Sep 2025
- 2025 Feasibility Study - Strong Economics, Low Environmental Impact
Leach+SX/EW, reduced power & water consumption, carbon neutral by 2038
21-Yr LoM @ $4.35/ lb Cu: $2.9 B after-tax NPV(8%), 19.8% IRR, 3.9-yr payback @ $5.80/ lb Cu: $6.2 B after-tax NPV(8%), 30.0% IRR, 2.7-yr payback Avg LoM Production 148,200 t (327 M lb) Cu/ yr, C1 cost $1.71/lb, AISC $2.11/lb Copper Reserves & Resources: 10.2 B lb Cu @ .45% Proven & Probable + 5.4 B lb Cu @ .26% Measured & Indicated + 20.0 B lb Cu @ .21% InferredMcEwen Copper - 32.9 M Shares
Stellantis
18.2%
McEwen Inc.
(MUX)
46.3%
Nuton/
Rio Tinto Venture
17.2%
Rob McEwen
13.0%
Victor
Smorgon
Others Grp
2.3% 3.0%
MUX Ownership2
026, $21.45 share price. 3 Measured & Indicated and Inferred Reso
Institutional
62%
Retail
22%
Rob
McEwen 16%
Top 10 MUX Holders2 MUX Resources & Reserves3
Rob McEwen Blackrock State Street Mirae Asset
Van Eck Associates Vanguard Group Tidal Investments Geode Capital
AIFM Capital
Two Sigma Investments
9.8 M
Inferred Measured Proven & & Indicated Probable | |||
Au | 1,250 K oz | 3,292 K oz | 4,434 K oz |
Ag | 5.2 M oz | 35.0 M oz | 79.0 M oz |
Cu | 9.3 B lb | 2.5 B lb | 4.7 B lb |
4.7 M
4.3 M
2.1 M
1.5 M
1.5 M
1.5 M
1.4 M
1.3 M
1.0 M
CONTACT
Mihaela Iancu, Investor Relations
1.866.441.0690 x 2006
info@mcewenmining.com https://www.mcewenmining.com
1Feb 2022 Mining Intelligence ranking by resources. 2 As of Aug 25, 2 urces are presented exclusive of Proven & Probable Reserves - Dec 31, 2025 (McEwen's 2025 10-K Report), with updates for Tartan Mine Project in Mar 3 and for Fox Complex in June 8, 2026 press releases. Ownership interests used: 49% in San Jose, 46.3% in McEwen Copper.
Timmins, Ontario
Canada
Tartan Mine Project
Fox Complex
FOX COMPLEX MINES
PRODUCER
TARTAN MINE PROJECT DEVELOPMENT
Manitoba Canada
100% MUX, On the Destor-Porcupine Fault, Ontario 1,200 TPD Mill, Mine, Multiple Developments
-
2026E production: 20-23 K oz Au
(currently sourced from Froome Mine)
Adding production from Stock Mine in Q4 2026
- Grey Fox 2026 PFS extends LoM into 2041
-
Fox Complex Gold Resources & Reserves1
1.5 M oz Au @ 2.53 g/t Measured & Indicated
1 M oz Au @ 2.48 g/t Inferred
1 M oz Au @ 3.24 g/t Proven & Probable
1Jun8,2026 press release
100% MUX, Flin Flon Greenstone Belt, Manitoba High-Grade Past Producer With Restart Potential
Near-mine and regional exploration upside
- $6 million 2026 exploration
Restart concept: 30 K oz Au/ yr initial
55 K oz Au/ yr expansionGold Resources2: 309 K oz Au @ 3.67 g/t Indicated
303 K oz Au @ 3.32 g/t Inferred2Mar 23, 2026 press release
Gold Bar
Cortez Trend
ON THE BATTLE MOUNTAIN-EUREKA CORTEZ GOLD TREND
GOLD BAR, 100% MUX
PRODUCER
Reserves: 168 K oz Au @ .61g/t Proven&ProbableOpen Pit Heap Leach, Near Nevada Gold Mines
- 2026E production 30-33 K oz Au
3May 6, 2026 press release
Nevada, USA
- 2026 exploration: $7 M budget, 36 km drilling
-
Lookout Mountain, Windfall & Unity Ridge
driving resource expansion
ELDER CREEK EXPLORATION
McEwen Copper, 46.3% MUX
Reviewing technical & exploration data for further work plan
LOS AZULES
DEVELOPMENT
Reserves: 10.2 B lb Cu @ .45% Proven & ProbableLos Azules San Juan Argentina
San José Santa Cruz Argentina
McEwen Copper, 46.3% MUX
Designed for Strong Economics, Low Impact
Received EIA permit for construction & operation
Collaboration agreement with IFC (World Bank)
Accepted into Argentina's RIGI incentive regime
-
2025 Feasibility Study4
Leach+SX/EW, avg 148,200 t (327 M lb) Cu/ yr, 21-yr mine life. After-tax at copper prices:
$4.35/ lb: $2.9 B NPV8%, 19.8% IRR, 3.9-yr Payback
$5.80/ lb: $6.2 B NPV8%, 30.0% IRR, 2.7-yr Payback
Costs/ lb Cu: $1.71 C1 cost,$2.11 AISC. Low environmental impact compared to conventional concentrator mines:- 48% less electricity consumption
- 72% less GHG emissions
- 74% less freshwater consumption
-
2026 Milestones
Appointed Societe Generale as financial advisor for project debt financing of Los Azules
Condemnation & technical drilling, new porphyry areas
Detailed engineering
Sectoral permits
Financing (debt/ partner/ IPO)
4Oct 7, 2025 press release
SAN JOSÉMINE PRODUCER
Minera Santa Cruz, 49% MUX
2,000 TPD Plant, Surrounds Cerro Negro Mine
High-grade underground gold & silver mine
- 3.71 g/t Au, 189 g/t Ag Reserve grades5
- 2026E production: 59-64 K GEO (49%, 77:1 Au:Ag ratio)
-
$58.2 million dividend received in 2026
5McEwen 2025 10-K Report
EL GALLO COMPLEX- 100% MUX
DEVELOPMENT
El Gallo Sinaloa Mexico
-
FENIX PROJECT Gold & Silver Resources4 199 K oz Au @ 0.42 g/t Measured & Indicated
4 K oz Au @ 0.41 g/t Inferred
20 M oz Ag @ 42 g/t Measured & Indicated
0.3 M oz Ag @ 33 g/t Inferred
4McEwen 2024 10-K Report
Phase 1: Reprocessing material from heap leach pad Phase 2: Processing open-pit ore from El Gallo Silver Received extension of EIA permit for Phase 1
Process plant acquired, reducing capex
Timeline: H2 2026 construction start
H2 2027 1st gold pour
CONTACT
Mihaela Iancu, Investor Relations
1.866.441.0690 x 2006
info@mcewenmining.com https://www.mcewenmining.com
Mihaela Iancu, Investor Relations info@mcewenmining.com www.mcewenmining.com
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McEwen Inc. published this content on August 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 26, 2026 at 10:00 UTC.
