Core Points - McEwen Copper Inc. has received approval for the Los Azules project to participate in Argentina's Large Investment Incentive Regime (RIGI), which aims to promote strategic initiatives for the country's productive development [1][6] - The project involves an investment of US $2.672 billion, covering exploration, construction, and operational stages of the copper mining development in Calingasta, San Juan Province [2][3] - Los Azules is set to be the first project in Argentina to produce high-purity copper cathodes, emphasizing a sustainable approach that minimizes environmental impact and operates on renewable energy [3][12] Economic Impact - The Los Azules project is projected to generate over US $30 billion in export revenues, significantly contributing to Argentina's foreign currency inflow and local economic development [4][6] - The project is expected to create substantial employment opportunities and increase tax revenues at both provincial and national levels [4][5] Strategic Importance - The approval under RIGI enhances operational predictability and establishes a clear framework for engagement with the state and future partners, reinforcing McEwen Copper's commitment to responsible and sustainable mining [5][6] - The RIGI framework provides legal, fiscal, and customs stability for 30 years, including tax incentives and streamlined customs procedures, which are crucial for attracting international investment [7][9] Project Development Timeline - The Environmental Impact Declaration (EIA) was approved in December 2024, with the feasibility study expected to be completed by the end of October 2025, positioning the project to begin construction [7] - McEwen Copper plans to continue exploration around Los Azules to potentially extend the resource size and life, reinforcing its leadership in sustainable mining [7][12]

Group 1 - The International Finance Corporation (IFC) and McEwen Copper Inc. have signed a collaboration agreement to align the Los Azules copper project with IFC's environmental, social, and governance (ESG) standards for potential future financing [1][4][5] - Los Azules is one of the largest undeveloped copper deposits globally, located in Argentina's San Juan province, with Environmental Impact Declaration (EIA) approval and a feasibility study expected to be completed by October 2025 [2][9] - The project aims to be Argentina's first regenerative copper mine, targeting carbon neutrality by 2038, and has an estimated after-tax NPV of $2.7 billion at $3.75/lb Cu, with a mine life of 27 years [7][9] Group 2 - The collaboration emphasizes integrating IFC's Performance Standards into the project's development to de-risk it and align with international investor criteria, promoting transparency and community benefits [3][4] - The World Bank Group supports Argentina's mining sector to unlock its potential sustainably, aiming to create jobs and enhance local economic development [4][6] - McEwen Copper aims to enhance the project's appeal to global investors through proactive ESG integration and a solid financing framework [5][9]

Financial Performance - McEwen Inc. reversed a $13.0 million loss in Q2 2024 to achieve a net income of $3.0 million in Q2 2025 [1] - Gross profit increased to $12.3 million with a 26% margin, and adjusted EBITDA rose from $7.2 million to $17.3 million [1] - Revenue reached $46.7 million from 14,549 GEOs, with an average realized gold price of $3,298 per GEO [1] - Cash and equivalents increased to $53.6 million, with working capital improving to $61.8 million from -$6.5 million at the end of 2024 [1] Production and Costs - Consolidated output, including the 49%-owned San José Mine, was 27,554 GEOs, with cash expenses per GEO at $1,906 and AISC at $2,120, slightly higher than Q2 2024 [2] - Production increases during H2 2025 are expected to reduce unit costs [2] - Full-year guidance is reiterated at 120,000-140,000 GEOs, supporting the firm's objective to increase gold and silver production by 2030 [2] Investments and Developments - McEwen Copper spent $7.0 million on the Los Azules Feasibility Study and $5.4 million on exploration across various projects [2] - The Froome West and Stock mining ramp developments are advanced by Fox Complex [2] - The company reported no lost-time events, indicating continued high safety standards [2]

TORONTO, Sept. 11, 2025 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE: MUX) (TSX: MUX) (“McEwen” or "MUX") is pleased to announce the appointment of Ian Ball as the Company’s Vice-Chairman, a newly created executive position designed to support the Company’s strategic growth. Prior to assuming this role, Mr. Ball has served as an independent director of McEwen since 2022. His appointment reflects the Company’s commitment to strengthening leadership as it advances its production and exploration goals. From 2014 to 2 ...

Group 1 - McEwen Inc. (NYSE:MUX) is recognized as one of the best mining stocks to buy according to hedge funds, driven by positive drilling results from the Windfall Project [1] - The 2025 drilling program at the Windfall Project confirmed continuous gold mineralization in the main Windfall Fault Zone and identified a new fault zone with high grades of gold, silver, and base metals [1][2] - The new fault zone shows similarities to mineralization at i-80 Gold's Ruby Hill Mine, which has produced 1.4 million ounces of gold [2] Group 2 - In Q2 2025, McEwen Inc. reported a net income of $3.0 million, a significant improvement from a net loss of $13.0 million in Q2 2024 [2] - The company's adjusted EBITDA for Q2 2025 was $17.3 million, compared to $7.2 million in Q2 2024, indicating a positive impact from increased gold prices on cash flow and net income [2]

McEwen (NYSE:MUX) 2025 Conference September 10, 2025 01:15 PM ET Speaker0And gold's going up, silver's going up, copper's going up. And we're in Beaver Creek. Put a smile on your face. Alright. So, you know, the macro picture is really looking good right now.We have commodities at a fifty five year low. They're cyclical. The best bet in Goldman Sachs commodity issue right now is gold. It has the highest consistency. And gold investments around the world are at the lowest point they have been in many years.S ...

Core Insights - McEwen Inc. announced positive results from its 2025 drilling program at the Windfall Project in Nevada, indicating continuous gold mineralization and the discovery of a new fault zone with high grades of gold, silver, and base metals [1][2][9] Drilling Results - The drilling program revealed a gold equivalent grade of 62.5 g/t (1.82 oz/T) [2] - Drill hole WF033 encountered high-grade mineralization with 8.1 g/t (0.24 oz/T) gold over 8.7 meters (28.4 ft), including 50.3 g/t (1.47 oz/T) gold and 782 g/t (22.83 oz/T) silver over 1.3 meters (4.2 ft) [8][20] - Other notable results include 2.0 g/t (0.06 oz/T) gold over 38.3 meters (125.5 ft) from WF032 and 1.2 g/t (0.04 oz/T) gold over 17.1 meters (56.0 ft) from WF031 [8][20] Future Plans - The company plans to publish a resource estimate by year-end, test mineralization extensions, collect samples for metallurgical testing, and explore new targets near the project [9] - The Windfall area is situated on private land, which may expedite permitting processes [9] Company Overview - McEwen Inc. provides exposure to gold, silver, and copper through operations in the USA, Canada, and Argentina, with a flagship project, Los Azules, aiming to become a regenerative copper mine by 2038 [5][6] - Chairman Rob McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders [6]

Core Insights - McEwen Inc. reports continued positive drilling results at the Grey Fox Project, indicating strong gold grades and widths, which support resource growth ahead of an updated estimate expected in October 2025 [1][4][8] Strategic Highlights - The drilling results from the Gibson Expansion Zone and Grey Fox South (GFS) show high-grade veins and broad mineralized zones, with notable grades such as 10.1 g/t over 5.8 m and 4.8 g/t over 14.9 m [3][8] - The updated 3D mineralization model for Grey Fox is anticipated to enhance the resource estimate, with mineralization remaining open and demonstrating strong continuity [4][8] Project Update - The current Grey Fox resource consists of 1,538,000 gold ounces at 3.64 g/t Au Indicated and 458,000 gold ounces at 3.30 g/t Au Inferred, with significant contributions from the Gibson and GFS zones [8][25][23] - Geological similarities with major regional deposits, such as Canadian Malartic, reinforce the growth potential of Grey Fox [4][46] Exploration Outlook - The company aims to increase annual gold output beyond 200,000 ounces and reduce production costs, positioning itself favorably to capitalize on high gold prices [6][8] - The exploration drilling campaigns for 2024 and 2025 are focused on expanding the resource base and upgrading the confidence of the gold resource from Inferred to Indicated [26][27] Upcoming Milestones - An updated resource estimate for Grey Fox is scheduled for release in October 2025, with a Pre-feasibility Study (PFS) anticipated in Q1 2026 [8][28]

Group 1 - McEwen Mining (NYSE: MUX) shares have increased by 40% this year but have been trading sideways in the first half of 2025, indicating a period of consolidation as investors await further developments [1] - The company is being closely monitored by individual investors and financial writers, reflecting a growing interest in its performance and future prospects [1] Group 2 - The focus of analysis includes US stocks and emerging markets, particularly in Latin America, with an emphasis on global macro strategies and value investing [1] - Key sectors of interest for investment include energy, materials, and real estate, highlighting the company's strategic positioning within these industries [1] - The analysis favors companies with competitive advantages, strong management, solid cash flow, sustainable debt levels, and healthy profit margins, which are essential for long-term growth [1]

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Q2%202025%20Highlights) McEwen Inc. reported strong Q2 2025 financial improvements, including positive net income and doubled Adjusted EBITDA, despite lower production, while advancing strategic development projects towards 2030 production goals [Introduction and CEO Commentary](index=1&type=section&id=1.1%20Introduction%20and%20CEO%20Commentary) McEwen Inc. reported its Q2 and H1 2025 results, highlighting continued progress towards doubling gold and silver production by 2030. CEO Rob McEwen emphasized strategic investments in development projects, including the proposed acquisition of Canadian Gold Corp., and noted the positive impact of higher gold prices on the company's financial performance - McEwen Inc. is continuing momentum to **double gold and silver production by 2030**[1](index=1&type=chunk) - H1 2025 investments in development projects, including the proposed acquisition of Canadian Gold Corp., are aimed at positioning the company for operational growth[3](index=3&type=chunk) - Net income is expected to improve with the publishing of the Los Azules Feasibility Study, allowing capitalization of the majority of development costs (year-to-date expense was **$15.6 million**)[3](index=3&type=chunk) - Higher gold prices had a welcome positive impact on cash flow and net income[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=1.2%20Financial%20Highlights) McEwen Inc. demonstrated significant financial improvements in Q2 2025, with gross profit increasing to $12.3 million and a positive net income of $3.0 million, a substantial turnaround from a net loss in Q2 2024. Adjusted EBITDA more than doubled, and liquidity strengthened considerably with a rise in cash and equivalents and positive working capital, despite a slight decrease in revenue due to lower GEOs sold | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | $12.3M | $10.8M | +$1.5M | | Gross Margin | 26% | N/A | N/A | | Net Income (Loss) | $3.0M | ($13.0M) | +$16.0M | | EPS | $0.06 | ($0.26) | +$0.32 | | Adjusted EBITDA | $17.3M | $7.2M | +$10.1M | | Adjusted EBITDA per share | $0.32 | $0.15 | +$0.17 | | Revenue | $46.7M | $47.5M | -$0.8M | | GEOs Sold | 14,549 | 20,630 | -6,081 | | Average Realized Gold Price per GEO | $3,298 | $2,355 | +$943 | | Cash and Equivalents (June 30) | $53.6M | $13.7M | +$39.9M | | Marketable Securities (June 30) | $16.0M | N/A | N/A | | Working Capital (June 30) | $61.8M | ($6.5M) (Dec 31, 2024) | +$68.3M | | Debt Principal Outstanding | $130M | $40.0M | +$90.0M | | McEwen Copper Implied Market Value | $984.0M | N/A | N/A | | McEwen Ownership in McEwen Copper | 46.4% | N/A | N/A | | McEwen Shares Outstanding | 54,106,415 | N/A | N/A | [Operational Highlights](index=2&type=section&id=1.3%20Operational%20Highlights) Q2 2025 saw a decrease in consolidated production to 27,554 GEOs, accompanied by higher cash costs and AISC for 100%-owned operations. The company actively invested in exploration programs ($5.4 million) and the Los Azules copper project ($7.0 million, McEwen Copper's share), while maintaining excellent safety standards with zero lost-time incidents | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Consolidated Production (GEOs) | 27,554 | 35,265 | -7,711 | | Cash Costs per GEO (100%-owned) | $1,906 | $1,554 | +$352 | | AISC per GEO (100%-owned) | $2,120 | $1,728 | +$392 | | Exploration Investment | $5.4M | N/A | N/A | | McEwen Copper Investment (Los Azules) | $7.0M | N/A | N/A | - Fox Complex is advancing the Froome West discovery to production and the Stock mine ramp[7](index=7&type=chunk) - Zero lost-time incidents were recorded across 100%-owned sites[7](index=7&type=chunk) [Outlook and Strategic Catalysts](index=2&type=section&id=2.%20Outlook%20and%20Strategic%20Catalysts) The company reaffirmed 2025 production guidance, anticipating lower costs in H2, and outlined ambitious 2030 production goals supported by key near-term catalysts [2025 Full-Year Guidance](index=2&type=section&id=2.1%202025%20Full-Year%20Guidance) McEwen Inc. reaffirmed its full-year production guidance for 2025, expecting 120,000–140,000 GEOs. The company anticipates that projected production increases in the second half of 2025 will lead to lower costs per GEO - Full-year production guidance reaffirmed at **120,000–140,000 GEOs**[7](index=7&type=chunk) - Projected production increases in H2 2025 are expected to drive costs per GEO lower[7](index=7&type=chunk) [Long-Term Production Goals and Key Catalysts](index=2&type=section&id=2.2%20Long-Term%20Production%20Goals%20and%20Key%20Catalysts) The company has set an ambitious long-term production goal of 250,000 to 300,000 consolidated GEOs by 2030. This target is supported by seven key near-term catalysts, including resource updates, strategic acquisitions, feasibility studies, and the commencement of new mine production - Production goal of **250,000 to 300,000 GEOs consolidated by 2030**[8](index=8&type=chunk) - Seven near-term catalysts include: resource update for Windfall and Lookout Mountain (Q4 2025), completing Canadian Gold Corp. acquisition (early 2026), Grey Fox Pre-feasibility Study (H1 2026), Stock Mine production commencement (mid-2026), potential future dividend from San José, continuing exploration updates, and Los Azules Feasibility Study (late Q3 2025)[9](index=9&type=chunk) [Individual Asset Performance](index=3&type=section&id=3.%20Individual%20Asset%20Performance) Individual mine performance in Q2 2025 showed varied production and cost trends, with Gold Bar and Fox Complex anticipating H2 improvements, while San José faced higher costs due to inflation [Gold Bar Mine, Nevada (100% owned)](index=3&type=section&id=3.1%20Gold%20Bar%20Mine%2C%20Nevada%20(100%25%20owned)) The Gold Bar Mine produced 8,406 GEOs in Q2 2025, with cash costs and AISC within guidance. Production is anticipated to increase and costs to decrease in H2 2025 as accelerated stripping activities conclude. Significant investments were made to extend the mine life and advance other nearby projects | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025 Guidance | | :--- | :--- | :--- | :--- | :--- | :--- | | GEOs Produced | 8,406 | 12,297 | 16,094 | 24,013 | 40,000–45,000 | | Cash Costs/GEO | $1,679 | $1,532 | $1,419 | $1,313 | $1,500–$1,700 | | AISC/GEO | $1,792 | $1,634 | $1,986 | $1,404 | $1,700–$1,900 | - Accelerated stripping activity is nearing completion, with expected production increases and decreased costs per GEO in H2[12](index=12&type=chunk) - **$1.2 million** was spent at Gold Bar Mine to extend the current mine life beyond 2029[12](index=12&type=chunk) - **$1.3 million** was spent at Lookout Mountain and Windfall projects to advance them towards production[12](index=12&type=chunk) [Fox Complex Mine, Ontario (100% owned)](index=3&type=section&id=3.2%20Fox%20Complex%20Mine%2C%20Ontario%20(100%25%20owned)) The Fox Complex Mine produced 5,429 GEOs in Q2 2025 from lower-grade zones, resulting in higher cash costs and AISC, which are projected to decrease with increased output in H2. Exploration efforts led to a new high-grade gold discovery at Froome West, extending mine life, and significant investments were made in drilling at Grey Fox and developing the Stock ramp for mid-2026 commercial production | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025 Guidance | | :--- | :--- | :--- | :--- | :--- | :--- | | GEOs Produced | 5,429 | 8,297 | 10,948 | 15,782 | 30,000–35,000 | | Cash Costs/GEO | $2,212 | $1,588 | $2,142 | $1,572 | $1,600–$1,800 | | AISC/GEO | $2,563 | $1,874 | $2,534 | $1,886 | $1,700–$1,900 | - Delineation drilling around Froome Mine led to the discovery of new high-grade gold mineralization at Froome West, expected to extend mine life through mid-2026[12](index=12&type=chunk) - **$2.9 million** invested at Grey Fox's Gibson Zone, completing **20,000 m** of drilling[12](index=12&type=chunk) - **$5.6 million** invested on Stock ramp, targeting commercial production by the middle of 2026[12](index=12&type=chunk) [San José Mine, Argentina (49% owned)](index=4&type=section&id=3.3%20San%20Jos%C3%A9%20Mine%2C%20Argentina%20(49%25%20owned)) Attributable production from the San José Mine decreased to 13,719 GEOs in Q2 2025 due to lower grades and recovery rates. Cash costs and AISC significantly increased, primarily driven by high inflation and increased contractor use, though H2 production growth is expected to mitigate these costs. The mine received a $2.2 million dividend in H1 2025 and built cash balances to $55.6 million | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2025 Guidance | | :--- | :--- | :--- | :--- | :--- | :--- | | Attributable GEOs Produced | 13,719 | 14,672 | 24,643 | 27,605 | 50,000–60,000 | | Cash Costs/GEO | $2,310 | $1,624 | $2,428 | $1,615 | $1,600–$1,800 | | AISC/GEO | $2,842 | $2,032 | $2,933 | $1,978 | $1,900–$2,100 | - Costs per GEO sold were influenced by high inflation outpacing the devaluation of the Argentine peso and increased use of contractors[15](index=15&type=chunk) - A **$2.2 million** dividend distribution was received during H1 2025[15](index=15&type=chunk) - Cash balances at San José mine reached **$55.6 million** (100% basis) as of June 30, 2025[15](index=15&type=chunk) [Project Updates and Corporate Developments](index=4&type=section&id=4.%20Project%20Updates%20and%20Corporate%20Developments) The company advanced the Los Azules copper project towards a Feasibility Study and expanded corporate capabilities through a milling agreement and the strategic acquisition of Canadian Gold Corp [McEwen Copper – Los Azules Project, Argentina (46.4% ownership)](index=4&type=section&id=4.1%20McEwen%20Copper%20%E2%80%93%20Los%20Azules%20Project%2C%20Argentina%20(46.4%25%20ownership)) McEwen Copper invested $15.6 million in Q2 2025 to advance the Los Azules copper project, with the Feasibility Study on track for late Q3 2025. The study is focused on optimizing cost estimates, hydrogeological modeling, and engineering to reduce upfront capital. An RIGI application was submitted to secure tax and regulatory benefits, and new copper targets have been identified for drilling - **$15.6 million** invested in Q2, advancing towards publishing a Feasibility Study in late Q3 2025[15](index=15&type=chunk) - Feasibility Study is progressing with a focus on cost estimates, hydrogeological modeling, and engineering optimization to reduce upfront capital[15](index=15&type=chunk) - A RIGI application was submitted (revised July 11, 2025) to secure significant tax and regulatory benefits[15](index=15&type=chunk) - Exploration has generated three other nearby copper targets which will be drilled in late fall of 2025[15](index=15&type=chunk) [Further Corporate Developments](index=4&type=section&id=4.2%20Further%20Corporate%20Developments) McEwen Inc. strategically expanded its operational capabilities by entering a milling agreement with Inventus Mining Corp. to optimize costs and signed a binding Letter of Intent to acquire Canadian Gold Corp. This acquisition aims to significantly increase the company's resource base and future production in Manitoba, with immediate plans for resource updates, economic assessment, and permit amendments to restart the Tartan Mine - On July 2, 2025, the Company entered into a milling agreement with Inventus Mining Corp. to utilize excess milling capacity and reduce cost per ounce[15](index=15&type=chunk) - On July 27, 2025, the Company signed a binding LOI to acquire Canadian Gold Corp., a strategic move to increase its resource base and future production in Manitoba[15](index=15&type=chunk) - Upon completion of the acquisition, next steps include updating the resource estimate, preparing a preliminary economic assessment, and amending mining permits for a quick restart of the Tartan Mine, alongside continued exploration[15](index=15&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=5.%20Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures, including Cash Costs, AISC, and Adjusted EBITDA, used to evaluate operational performance and cash flow, emphasizing their non-standardized nature [Cautionary Note and Definitions](index=6&type=section&id=5.1%20Cautionary%20Note%20and%20Definitions) This section provides a cautionary note on non-GAAP financial measures like Cash Costs, AISC, and Adjusted EBITDA, clarifying that they are common in the gold mining industry but lack standardized definitions under U.S. GAAP. The company uses these measures to evaluate operational performance and cash flow, but stresses they should not be considered in isolation. Detailed definitions for Cash Costs and All-in Sustaining Costs (AISC) are provided, outlining their components - Non-GAAP performance measures (Cash Costs, AISC, Adjusted EBITDA) are common in the gold mining industry but do not have standardized definitions under U.S. GAAP and should not be considered in isolation[22](index=22&type=chunk) - Cash costs include mining, processing, on-site G&A, community and permitting costs, royalty costs, refining and treatment charges, sales costs, export taxes, and operational stripping costs, excluding depreciation and amortization[25](index=25&type=chunk) - All-in sustaining costs (AISC) consist of cash costs plus accretion of retirement obligations, amortization of asset retirement costs, environmental rehabilitation, sustaining exploration and development, sustaining capital expenditures, and sustaining lease payments, excluding corporate G&A[26](index=26&type=chunk) [Reconciliation of Cash Costs and All-In Sustaining Costs (AISC)](index=7&type=section&id=5.2%20Reconciliation%20of%20Cash%20Costs%20and%20All-In%20Sustaining%20Costs%20(AISC)) The report presents detailed reconciliations of Cash Costs and All-In Sustaining Costs (AISC) to production costs applicable to sales for both 100%-owned operations (Gold Bar, Fox Complex) and the 49%-owned San José Mine. These reconciliations cover Q2 and H1 periods for 2025 and 2024, providing transparency on the calculation of these non-GAAP operational metrics | Metric | Q2 2025 (Total) | Q2 2024 (Total) | H1 2025 (Total) | H1 2024 (Total) | | :--- | :--- | :--- | :--- | :--- | | Production costs applicable to sales (100% owned) | $27,733 | $32,066 | $47,338 | $57,176 | | All-in sustaining costs | $30,851 | $35,657 | $60,994 | $64,352 | | Ounces sold, including stream (GEO) | 14,549 | 20,630 | 27,596 | 40,434 | | Cash cost per ounce sold ($/GEO) | $1,906 | $1,554 | $1,715 | $1,414 | | AISC per ounce sold ($/GEO) | $2,120 | $1,728 | $2,210 | $1,592 | | Metric | Q2 2025 (100% basis) | Q2 2024 (100% basis) | H1 2025 (100% basis) | H1 2024 (100% basis) | | :--- | :--- | :--- | :--- | :--- | | Production costs applicable to sales | $63,603 | $48,220 | $120,191 | $96,105 | | All-in sustaining costs | $78,246 | $60,342 | $145,218 | $117,694 | | Ounces sold (GEO) | 27,530 | 29,699 | 49,507 | 59,501 | | Cash cost per ounce sold ($/GEO) | $2,310 | $1,624 | $2,428 | $1,615 | | AISC per ounce sold ($/GEO) | $2,842 | $2,032 | $2,933 | $1,978 | [Reconciliation of Adjusted EBITDA](index=9&type=section&id=5.3%20Reconciliation%20of%20Adjusted%20EBITDA) The reconciliation of Adjusted EBITDA, a non-GAAP measure, is provided to evaluate operating performance and cash flow from gold operations, excluding the impacts of McEwen Copper. Adjusted EBITDA significantly increased to $17.3 million in Q2 2025 from $7.2 million in Q2 2024, and to $26.0 million in H1 2025 from $13.5 million in H1 2024, reflecting improved operational profitability - Adjusted EBITDA is a non-GAAP measure used to evaluate operating performance and ability to generate cash flow from gold operations, excluding McEwen Copper's income or loss impacts[34](index=34&type=chunk) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Income (loss) before income and mining taxes | $1,929 | ($15,371) | ($5,420) | ($38,311) | | Depreciation and depletion | $6,853 | $4,810 | $13,024 | $15,088 | | Loss from investment in McEwen Copper Inc. | $6,978 | $16,816 | $15,556 | $34,828 | | Interest expense | $1,549 | $972 | $2,858 | $1,945 | | **Adjusted EBITDA** | **$17,309** | **$7,227** | **$26,018** | **$13,550** | | Weighted average shares outstanding (thousands) | 53,968 | 49,718 | 53,623 | 49,580 | | Adjusted EBITDA per share | $0.32 | $0.15 | $0.49 | $0.27 | [Company Information and Disclosures](index=9&type=section&id=6.%20Company%20Information%20and%20Disclosures) This section provides an overview of McEwen Inc.'s operations and strategic vision, details technical information approval, and includes important forward-looking statements and contact information [About McEwen](index=9&type=section&id=6.1%20About%20McEwen) McEwen Inc. is a mining company focused on gold, copper, and silver in the Americas, operating three mines and developing the Los Azules copper project in Argentina, which aims for carbon neutrality by 2038. CEO Rob McEwen, a significant personal investor, is committed to building shareholder value and establishing a dividend, taking a symbolic $1 annual salary - McEwen provides exposure to gold, copper, and silver in the Americas through three operating mines (USA, Canada, Argentina) and a large, advanced-stage copper development project in Argentina[37](index=37&type=chunk) - The Los Azules copper project is designed to become one of the world's first regenerative copper mines, committed to achieving **carbon neutrality by 2038**[37](index=37&type=chunk) - Rob McEwen, Chairman and Chief Owner, has personally invested **US$205 million**, takes a salary of **$1/year**, and aims to build shareholder value and establish a dividend[38](index=38&type=chunk) [Technical Information and Reliability of San José Data](index=9&type=section&id=6.2%20Technical%20Information%20and%20Reliability%20of%20San%20Jos%C3%A9%20Data) The technical content of the news release has been reviewed and approved by William Shaver, COO of McEwen Mining, a Qualified Person. The company relies on Minera Santa Cruz S.A. (MSC) for financial information regarding the San José Mine, which is accounted for using the equity method, noting that MSC's reported results are unaudited - The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person[36](index=36&type=chunk) - The Company relies on the management of Minera Santa Cruz S.A. (MSC) for accurate financial information prepared in accordance with GAAP for the San José Mine, and such results are unaudited[36](index=36&type=chunk) [Forward-Looking Statements and Contact Information](index=10&type=section&id=6.3%20Forward-Looking%20Statements%20and%20Contact%20Information) This section includes a cautionary statement regarding forward-looking statements, emphasizing that they are subject to significant business, economic, and competitive uncertainties and risks that could cause actual results to differ materially. It also provides comprehensive contact information for investor relations and links to the company's digital platforms - This news release contains forward-looking statements and information, which are necessarily based upon estimates and assumptions subject to significant business, economic, and competitive uncertainties, risks, and contingencies[40](index=40&type=chunk) - Risks and uncertainties include fluctuations in market price of precious metals, mining industry risks, political/economic/social/security risks, permitting, construction, litigation, capital markets, environmental risks, uncertainty in resource calculation, and foreign exchange volatility[40](index=40&type=chunk) - Contact information for investor relations and links to the company's website and social media channels are provided[42](index=42&type=chunk)