McEwen Inc. Mining Forum Americas 2026

So much better than a couple of years ago. We've got higher metal prices, all sorts of new projects coming on stream. I think we're going to have a challenge because we really haven't addressed the opposition to our industry. We've got the government finally looking at it and starting to endorse it, but we haven't got the public yet believing that we are responsible when we develop a mine. I think that is a very important issue. How do you win social license to build a mine? I would expect we're going to see more opposition rather than less, and we have to come up with an alternative to the way we've done it in the past. I think to protect the environment, we now have to show the public that not only are we talking it, we're practicing it.

I'd like to show you an alternative, start with an alternative. There's a safe harbor statement. You've all seen it. Don't invest if you don't like. Just the first macro comment, mining is underowned. Right now, if you look at the global markets, about 2% of the global equity markets are in the mining stocks. You can look at two periods. You can look at right after World War II, it was 9%-10%, 11% of equity markets were in mining stocks. Then you can go back, you can see on this graph, you can go back to the beginning of the 1900s, when it was 9%, 10%, not quite 11%.

I think we're going to see more people coming into our sector, and you could be looking, if we reverted to some of those levels of the two earlier periods, a 4 to 5X increase in ownership. As I said, there is a danger. Before I get into the danger and the alternative, I want to just show you, since we were here last September, we've been able to do 10 achievements that I think are making a difference. We went out in late September last year. We got the International Finance Corporation to come in and endorse our project, and that allows us to get better exposure to debt. Also in September, we received a RIGI improvement or approval from the Argentinian government. That's their large tax incentive program. In October, we put out our feasibility study, a robust project at Los Azules.

In today's market, if you use the prices and the feasibility, we'd be looking at a 75% gross margin on the copper production. In December, we got our permits to restart our Mexican operation. In January, we acquired a small exploration called Canadian Gold Corp. They owned a former Tartan Mine in Manitoba, and recently we discovered a new zone there, and we'll be building a plant there. In April, we continued expanding our properties near our Nevada property, looking to extend the life of that operation. We're very pleased in May, we got a $58 million dividend from our joint venture with the San Jose mine in southern Argentina. In June, we put out a pre-feasibility study for our Timmins operation for Grey Fox that will add another 15 years to our life of our operations there.

Also in June, we were added to the Russell 2000 Index, opening more exposure. Just late in August, we completed a $240 million term loan for our McEwen Copper. That will take us through to the final investment decision for Los Azules mid-next year. I would like to introduce you to Los Azules and an alternative. There should be sound. This is another way of trying to win social license.

Ladies and gentlemen, this is but one alternative for trying to win social license. Remember that number I said we might see a 4 or 5X, an increase in ownership of mining stocks relative to total global equities. We're not going to get that if we don't change our ways and go out and push back against everyone who derives revenue from the mining industry, and push back to them and say, "What are you doing to show the world that the mining industry has improved its ways?" Whether you're an accountant, you're investment banker, you're lawyers, all your suppliers, the education system, that is required today if we want to see, because otherwise, I think the type of opposition to our industry is only going to magnify. That's one alternative. It could be one of the models for the future of mining.

I certainly believe that, but I'll just move along. Los Azules, the copper project. I've been known, I've grown up in the gold business, but every once in a while, I convert a non-gold asset into a gold equivalent. If you took the prices today of $41,080 for gold and $659 for copper, you need 634 pounds of copper to equate to one ounce of gold. If you divide it into the resource that we have here of 35.7 billion pounds of copper, this is equivalent to a 56-million-ounce gold deposit. If you use the feasibility numbers of $1.71 cash cost or C1 cost, you're looking at just under $1,100 cash cost equivalent. If you look at the AISC, $2.11 a pound, this is equivalent to less than $1,350 all-in sustaining. First year, equivalent of just over 700,000 ounces. Life of mine, over 500,000 ounces.

Life of mine, 21 years with another 33 years after that. This is a giant. I am going to ask my very able corporate development officer, Stefan Spears, to talk about the value of McEwen Mining. Stefan. Thanks, Rob. Good afternoon, everyone.

We feel a little bit misunderstood. As a consequence, we believe that McEwen Inc. is undervalued by the market. We prepared some slides to defend that thesis. We have in the company three components. We have a gold and silver business, three producing mines, four development projects, and numerous exploration projects across the Americas. We also have, as Rob said, an interest in a giant copper deposit, Los Azules. McEwen currently owns 46.3% of McEwen Copper, which owns 100% of Los Azules. We also have the foundation for a future royalty company, which I will get to in a few slides. Starting with the copper business, this chart shows the progress that we have made since the summer of 2021 when we did the first private financing for McEwen Copper.