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5. Economic Analysis
Economic Metrics
All currency shown in the FS is expressed in constant Q2 2025 United States Dollars unless otherwise noted.
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The Business Case for the leach project uses a copper price assumption of $4.35/lb. Summary results are provided below in Table 3.
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Table 3: Project Metrics – Business Case | ||
| Project Metric | Unit | Number |
| Mine Life | Years | 21 |
| Tonnes Processed | Billion tonnes | 1.023 |
| Tonnes Waste Mined | Billion tonnes | 1.684 |
| Strip Ratio | 1.65 | |
| Total Copper Grade (CuT) | % CuT | 0.453% |
| Soluble Copper Grade (CuSOL) | % CuSOL | 0.312% |
| Total Copper Recovery | % | 70.8% |
| Copper Production (LOM avg.) | tonnes/yr | 148,200 |
| Copper Production (Yrs 1-5) | tonnes/yr | 204,800 |
| Copper Production – cathode Cu | ktonnes | 3,279 |
| Initial Capital Cost | USD Millions | $3,168 |
| Sustaining Capital Cost | USD Millions | $2,131 |
| Closure Costs | USD Millions | $386 |
| C1 Cost (Life of Mine) | USD/lb Cu | $1.71 |
| All-in Sustaining Costs (AISC) | USD/lb Cu | $2.11 |
| Before Taxes | ||
| Net Cumulative Cashflow | USD Millions | $12,721 |
| Internal Rate of Return (IRR) | % | 24.3% |
| Net Present Value (NPV) @ 8% | USD Millions | $4,280 |
| After Taxes | ||
| Net Cumulative Cashflow | USD Millions | $9,647 |
| Internal Rate of Return (IRR) | % | 19.8% |
| Net Present Value (NPV) @ 8% | USD Millions | $2,940 |
| Pay Back Period | Years | 3.87 |
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The FS for Los Azules envisions an average annual copper cathode production of 451 million lbs per year (204,800 tonnes) during the first five years of operation, representing an increase of 50 million lbs per year compared to the initial five years of the 2023 PEA production schedule. Over the 21-year life of mine, the average annual copper cathode production is projected at 327 million lbs per year (148,200 tonnes).
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Based on the LOM extraction of mineralized material containing approximately 10.2 billion lbs (4.63 million tonnes) of total copper, and an average copper recovery of 70.8%, total copper recoverable to cathode is 7.23 billion lbs (3.28 million tonnes). The copper production by year is shown in Figure 3:
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Figure 3: Copper Cathode Production by Year
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Other economic metrics:
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- Initial capital expenditure $3.17 billion
- Project capital intensity $9.18/ lb Cu per year (or $20,200/ t Cu per year) based on Initial capital / average annual production, or $0.73/ lb Cu (or $1,600/ t Cu) based on LOM Capex / LOM production(8).
- Average EBITDA(9) per year $1.31 billion for Years 1-5 and $696 million for Years 6-21.
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A Nuton® Technology Case is considered in the opportunity section of the FS as a separate project at a PEA-level of study. That case would process primary material stockpiled during the mining of the leach project and mineral resources outside of the Mineral Reserve pit with low soluble copper content. The Nuton case would use the existing processing facilities to support the operation, with a new leach pad and Pregnant Leach Solution pumped back to the original solvent exchange & electrowinning facility. The use of Nuton® Technology has the potential to extend the life of the project and will continue to be evaluated after the conclusion of the FS.
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Sensitivity Analysis
The leach project economics remain attractive (i.e. with an after-tax IRR of 15% or above) at a copper price above $3.74 per pound and are similarly resistant to an increase in LOM capital expenditure of up to 25% and an increase in operating expenses of up to 37% (see Figure 4 below).
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Table 4 below shows the sensitivity of the leach project’s after-tax economics to copper price fluctuations (+/- 20%). The project after-tax NPV8% is breakeven at a copper price of $3.10 per pound.
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Table 4: Project Copper Price Sensitivity | ||||
Sensitivity to Change in | Metal Pricing | After-Tax | ||
| Cu Price | Copper Price | NPV | IRR | Payback |
| (%) | $ Cu/lb | $M | % | Years |
| -20% | $3.48 | $902 | 12% | 5.78 |
| -15% | $3.70 | $1,411 | 14% | 5.15 |
| -10% | $3.92 | $1,921 | 16% | 4.68 |
| -5% | $4.13 | $2,430 | 18% | 4.33 |
| 0% | $4.35 | $2,940 | 19.8% | 3.87 |
| 5% | $4.57 | $3,449 | 21% | 3.59 |
| 10% | $4.79 | $3,956 | 23% | 3.39 |
| 15% | $5.00 | $4,461 | 25% | 3.23 |
| 20% | $5.22 | $4,966 | 26% | 3.06 |
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Table 5 below shows the sensitivity of the project economics to initial and sustaining capital expenditure escalation on an after-tax basis.
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| Table 5: Project Initial & Sustaining CAPEX Sensitivity | |||
| Sensitivity to Increased CAPEX (%) | After-Tax | ||
| NPV | IRR | Payback | |
| $M | % | Years | |
| 0% | $2,940 | 19.8% | 3.87 |
| 5% | $2,773 | 19% | 4.18 |
| 10% | $2,606 | 18% | 4.41 |
| 15% | $2,440 | 17% | 4.60 |
| 20% | $2,273 | 16% | 4.78 |
| 25% | $2,107 | 15% | 4.99 |
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Table 6 below shows the sensitivity of the project economics to operating expenditure escalation on a after-tax basis.
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| Table 6: Project OPEX Sensitivity | |||
| Sensitivity to Increased OPEX (%) | After-Tax | ||
| NPV | IRR | Payback | |
| $M | % | Years | |
| 0 | $2,940 | 19.8% | 3.87 |
| 5% | $2,746 | 19% | 4.00 |
| 10% | $2,553 | 18% | 4.18 |
| 15% | $2,359 | 18% | 4.32 |
| 20% | $2,166 | 17% | 4.43 |
| 25% | $1,973 | 16% | 4.54 |
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Figure 4: Chart of IRR Sensitivity (After-Tax) Relative to Copper Price, CAPEX and OPEX
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6. Capital & Operating Costs
Capital Costs Estimates
The project includes the development of an open pit mine with multi-stage crushing and screening, a heap leach pad, and a copper solvent extraction-electrowinning (SX/EW) facility with a nominal production capacity of 215 ktpa copper cathodes (design maximum 240 ktpa). Initial capital infrastructure for the Base Case includes the following facilities:
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- Mine development and associated infrastructure
- Coarse rock storage and ore handling (crushing, conveying, agglomeration)
- Heap leach pads and conveyor stacking systems
- SX/EW facility
- Sulfuric acid plant
- On-site utilities and ancillary facilities including a construction camp
- Off-site infrastructure: power transmission line (outsourced), access roads, and permanent camp
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The Project’s initial capital costs are based on budgetary quotes for major equipment, recent in-house cost information and installation factors, and regional contractor inputs and facilities obtained between Q2 and Q3 2025. The capital costs for the project are summarized in Table 5 and should be viewed with the level of accuracy expected for a Feasibility Study.
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Design allowances for materials quantities and labor and contingencies were included in the project estimate.
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| Table 7: Project Initial Capital Cost | |
| Description | Cost ($M) |
| Direct On-Site Facilities | |
| Mine Facilities, Equipment, Pre-Production | $805.9 |
| Ore Storage & Handling | $283.3 |
| Heap Leach | $331.6 |
| SX-EW | $188.5 |
| Sulfuric Acid Plant | $114.3 |
| Ancillary Facilities | $123.4 |
| Site Development & Yard Utilities | $101.6 |
| Water Supply | $29.6 |
| Direct Off-Site Facilities | |
| Power Supply (see below) | -0- |
| Local Support Facilities | $16.4 |
| Access Roads | $93.6 |
| Logistics Activities Zone (LAZ) | $45.6 |
| Total Direct Cost | $2,133.7 |
| Project Indirects & Construction Services | |
| Contractor Indirect Cost | $41.7 |
| Catering, Camp Operations & Maintenance | $94.6 |
| Contracted Services | $89.6 |
| Construction Equipment, Tools & Supplies | $14.6 |
| Freight & Duties | $59.3 |
| Field Startup & Vendor Services | $15.1 |
| Spares, Initial Fills (incl. Mining) | $65.5 |
| Project Indirect/ Project Management Labor | |
| EPCM Services | $139.2 |
| Owner’s Cost | |
| Owner Project Team | $7.6 |
| Office Costs & Assets incl. vehicles | $0.6 |
| Owner Services Cost | $28.8 |
| Owner Preproduction G&A Costs | $104.7 |
| Opex During Ramp-up | $34.8 |
| Total Indirect Cost | $691.0 |
| Design Growth Allowances | $44.3 |
| Contingency | $293.9 |
| Total Capital Cost | $3,167.9 |
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YPF Funding Power Supply
The construction cost of the Power Supply line to site and the electrical system upgrades total approximately $440 million which has not been included in the capital estimate as YPF Luz, a large Argentinean power utility company, will be constructing the line at their expense pursuant to a long-term, renewable power purchase agreement and connection repayment that will follow the terms agreed to in a Memorandum of Understanding.
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To date, the company received preliminary finance proposals from Tier-1 OEMs and European export credit agencies for opportunities exceeding $1.1 billion for infrastructure and technology, covering 85 to 100% of major mechanical equipment and local installation costs – see the Strategic Partnerships section.
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Operating Costs Estimates
Table 8 summarizes the LOM project operating costs per tonne of material processed and per pound of copper produced.
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| Table 8: LOM Project Cash Costs | ||
| Description | LOM Cost/tonne ($) | LOM Cost/lb ($) |
| Mining | 6.22 | 0.87 |
| Processing | 3.83 | 0.54 |
| General & Administrative | 1.86 | 0.26 |
| Selling Expenses | 0.28 | 0.04 |
| LOM C1 Costs | 12.05 | 1.71 |
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7. ESG & Sustainability
Environmental Highlights:
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- Process water use: 159 L/s LOM average, 74% lower than a conventional mill producing copper concentrate with approx. 600 L/s(10).
- Peak Site Water use: 244.2 L/s, with 227 L/s allocated for mining activities and 17.2 L/s for human use.
- Electricity demand: 119 MW (48% lower than a concentrator)
- GHG emissions: For the current project basis, the estimated annual average Green House Gas (GHG) emissions for the Los Azules project is 1,082 kg CO2-e/t Cu from Scope 1 and 2 sources. This places the project on the lowest decile of the copper industry carbon curve, well below the estimated industry average of 4,026 kg CO2-e/t Cu(5) using Skarn Associates mine-to-metal “E1” metric(13). At the start of operations, Los Azules will already be one of the lowest carbon copper cathodes produced in the world.
The project continues to develop electrification strategies for the mine and overall project including application of trolley assist for mine haulage, in-pit crushing and conveying and waste conveyance. The timing for these applications and others is under final analysis. Los Azules is also well positioned to take advantage of emerging opportunities (e.g. battery electric mine and services vehicles) and longer-term developing technologies.
- Goal: McEwen Copper is committed to becoming carbon neutral by 2038 at Los Azules, a target achievable using emerging technologies and offsets.
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The project will source 100% renewable energy (wind, hydro, solar) and aims for net positive impacts on local ecosystems and communities.
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8. Permitting & Regulatory Status
The Environmental Impact Assessment (EIA) for Los Azules was granted on December 3, 2024.
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On September 26, 2025, Los Azules was accepted into the Large Investment Incentive Regime RIGI. The investment regime provides the project with legal, fiscal, and customs stability for 30 years, including:
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– Legal certainty, including tax, customs and foreign exchange stability for 30 years, with improved mechanisms in comparison with a prior regime applicable to mining activities, and access to international arbitration should a dispute arise.
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– Tax incentives in the investment phase -such as release from VAT payments which significantly reduces the financial burden during construction- and in the operation phase, such as the reduction of the corporate income tax rate to 25% from the general 35%, a 50% reduction in the dividend withholding tax, no export tax, an accelerated depreciation for new capital investments, and exemption from export duties.
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– Streamlined customs procedures, including duty and tax exemptions to import of capital goods and the ability to leave export proceeds in foreign bank accounts, available to be applied to debt repayment or any other goal.
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The Water Concession permit applications are currently under review with the provincial government. The use of heap leach technology, which is well accepted in San Juan Province, reduces permitting complexity by eliminating tailings and conserving water.
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9. Nuton® Opportunity
Nuton is a technology venture of Rio Tinto that became a strategic partner of McEwen Copper in 2022. The Nuton® Technology is a suite of proprietary technologies that provide opportunities to leach both primary and secondary copper sulfides, providing a significant opportunity to optimize mine plans and overall mining and processing operations. In addition, Nuton® Technology provides significant other benefits, such as lower overall energy consumption, lower CO2 emissions, smaller land footprint, and lower water consumption per unit of copper produced than conventional sulfide mineralization recovery processes.
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Based on strategic planning work by Whittle Consulting and considering the inferred resources, the use of Nuton offers the opportunity to extend the mine life beyond conventional leaching by 30 years or more.
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Based on preliminary scoping testing, the Nuton® Technology offers the potential for copper recoveries of up to 85% on primary copper sulfide ore bodies, depending on the specific mineralogy make-up of the mineral resource. At Los Azules, the Nuton® Technology has the potential to economically process the large primary sulfide copper resource as an alternative to a concentrator, with low incremental capital following the oxide and supergene leach, no tailings requirement, and a smaller environmental footprint. Producing copper cathode with Nuton® on-site also has the advantage of simplifying outbound logistics in comparison to copper concentrates and offers a finished product to the domestic and international market.
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The outcomes modelled using Nuton’s proprietary computational fluid dynamics model are very encouraging and indicate that unoptimized copper recovery to cathode from primary material using Nuton® Technology should range from 73% to 79%. Furthermore, recovery from secondary material using Nuton® Technology is high, ranging from 80% to 86%. This could provide a significant opportunity to optimize the mine plan and reduce the need for selective mining, as simultaneous stacking of both secondary and primary mineralization will not impact the copper recovery of either material type. Based on the current resource estimate, using Nuton® Technology in the project could have a significant positive impact on the expected life of the mine and the projected cashflow, without significantly increasing the initial capital investment required.
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Column leaching of Los Azules composite samples at Nuton® facilities was completed in Q1 2024 and used to support modelled metallurgical recoveries. Testing has been completed at Nuton facilities with a Phase 2a program, developing process design criteria and evaluating performance tested at a 10 m tall, large column scale. Fully mass balanced results are expected to be completed in Q4 2025. Preliminary assessment of the assay data suggests similar results to those provided in the PEA document. Besides refining and validating modelled data through additional column testing for Los Azules, Nuton is progressing an industrial-scale deployment at the Johnson Camp Mine (JCM) owned and operated by Gunnison Copper Corporation Inc. in Arizona, USA. This deployment’s aim is to validate the Nuton® Technology package, from design and engineering to commissioning and operation, and to de-risk future Nuton deployments like the potential one at Los Azules.
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McEwen Copper and Nuton are actively collaborating to deploy the Nuton® Technology at Los Azules. While a formal commercial agreement is not yet in place, both parties are committed to working in good faith toward establishing such an arrangement.
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10. Development Timeline
The Gantt chart below presents a simplified project development timeline based on regional contractor inputs and long-lead equipment and materials delivery assumptions provided by vendors.
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The schedule assumes that the feasibility study work is completed in October 2025, necessary permits to begin work are completed, and initial financing is in place to achieve the scheduled milestones.
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Following this Level 3 schedule, the SX/EW plant could start in 2029, and the first cathode would be produced in 2030.
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Figure 5: – Gantt Chart for Los Azules Project Development Timeline
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11. Strategic Partnerships
McEwen Copper partnered with Nuton to evaluate the application of Nuton® Technology for the treatment of primary mineralization at the Los Azules project. Nuton also holds a 17.2% equity stake in McEwen Copper.
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Stellantis, the world’s fifth largest automaker, is also a strategic shareholder with an 18.3% interest. The partnership includes a copper cathode and concentrates purchase rights agreement and a joint commitment to achieving carbon neutrality by 2038.
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As of the date of this release, McEwen Copper has received preliminary finance proposals with referential conditions from Tier 1 OEMs including, Komatsu, and Sandvik, as well as from European export credit agencies, covering 85 to 100% of the major mechanical equipment and 50% of the local construction cost for the project. The Argentine power company YPF Luz has signed an agreement with Los Azules to provide financing for the upgrades to the power grid and the power supply to the mine site and has agreed to provide 100% renewable power to the project. These proposals open the opportunity to finance more than $1.1 billion in investments for the crushing and handling system, SX/EW plant, acid plant, drilling fleet, and hauling and loading mining fleet, incorporating state-of-the-art technologies that support our regenerative guiding principles and commitment to sustainable innovation.
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In September 2025, McEwen Copper announced that it had signed a collaboration agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to support the alignment of the Los Azules copper project with IFC’s ESG standards for potential future financing. This represents an important milestone in the company’s broader financing strategy, helping to align the project with top-tier sustainability standards while paving the way for IFC as a potential lead lender and equity partner.
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12. Study Contributors and Qualified Persons
The FS Technical Report is prepared in accordance with the requirements set forth by Canadian National Instrument 43-101 (“NI 43-101”) for the disclosure of material information and is intended to meet the requirements of a Feasibility Study (FS) level of study and disclosure as defined in the regulations and supporting reference documents. The effective date of the report is September 3, 2025.
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The report was prepared by Samuel Engineering Inc., with contributions from Knight Piésold Consulting, AGP Mining Consultants Inc, Nuton, a Rio Tinto Venture, E-Mining Technology S.A., Call & Nicholas, Inc., Itasca Consulting Group, Inc., CRM-SA, LLC, McLennan Design/Perkins&Will, Whittle Consulting Pty Ltd, Techint S.A.C.I., BW Hidrogeología y Medioambiente, and SRK Consulting UK Limited, under the supervision of David Tyler, McEwen Copper Project Director.
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The feasibility study and associated disclosures have been reviewed and verified by the following qualified persons under NI 43-101 – Standards of Disclosure for Mineral Projects:
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- Technical aspects of this news release related to Project Execution, Development information, and other information excluding mineral resource disclosure, have been reviewed and verified by James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering.
- Technical aspects of this news release related to McEwen information, and other information excluding mineral resource disclosure, have been reviewed and verified by David Tyler – SME Registered Member. No. 3288830. He is the Project Director of the Los Azules Project and is not independent of the issuer.
- Technical aspects of this news release related to Metallurgical Summary and Process Information, have been reviewed and verified by Michael McGlynn – SME Registered Member No. 4149430 with Samuel Engineering.
- Disclosure related to the updated Los Azules mineral resource estimate has been reviewed and approved by Jeff Sullivan – FAusIMM Reg. No. 201778 with CRM-SA, LLC.
- Disclosure related to the initial Los Azules mining, and mineral reserve estimate has been reviewed and approved by Gordon Zurowski, P.Eng with AGP Mining Consultants.
- Technical aspects of this news release related to Financial Modeling, have been reviewed and verified by Steve Pozder – P.E. with Samuel Engineering.
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13. End Notes
(8) Project capital intensity is defined as Initial Capex ($) / LOM Avg. Annual Copper Production (lbs or tonnes per year) or as LOM Capex ($) / LOM Copper Production (lbs or tonnes). C1 cash costs per pound produced is defined as the cash cost incurred at each processing stage, from mining through to recoverable copper delivered to the market, net of any by-product credits. All-in sustaining costs (AISC) per pound of copper produced adds production royalties, non-recoverable VAT and sustaining capital costs to C1. AISC margin is the ratio of AISC to gross revenue. Capital intensity, C1 cash costs per pound of copper produced, AISC per pound of copper produced, and AISC margin are all non-GAAP financial metrics. Numbers may not total due to rounding.
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(9) Annual earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA is a non-GAAP financial measure.
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(10) 2017 NI 43-101 Technical Report on Los Azules Project, Hatch Engineering (Throughput of 120,000 tpd of mineralized material).
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(11) 2023 NI 43-101 Technical Report on Los Azules Project, Samuel Engineering.
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(12) Kilograms of Carbon Dioxide Equivalent per tonne of Copper Equivalent produced. Carbon Dioxide Equivalent means having the same global warming potential as any other greenhouse gas.
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(13) Skarn Associates Copper Mine GHG and Energy Intensity Curve Generator, June 2025 dataset for the year 2030. The E1 metric includes all GHG emissions from mine to refined metal. Skarn recommends E1 intensity as the most suitable metric for comparing operations, allowing SXEW and concentrate producers to be evaluated on the same curve, at the same product boundary – refined copper cathode.
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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
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This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Inc.’s estimates, forecasts, projections, expectations or beliefs as to future events and results for both its consolidated operations and those of McEwen Copper Inc. (“McEwen Copper“, “the company”). Forward-looking statements and information regarding McEwen Inc. and McEwen Copper (“the companies”) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious and base metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the companies to receive or receive in a timely manner permits or other approvals required in connection with operations, the risk that the RIGI regime may be curtailed, extinguished or amended, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The companies undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding McEwen Inc. and McEwen Copper. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
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The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Inc. and McEwen Copper.
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Contact Information
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