McEwen Copper Announces an Additional US$35 Million Investment by Nuton, a Rio Tinto Venture

Core Viewpoint - McEwen Copper Inc. has successfully closed an additional $35 million investment from Nuton LLC, a Rio Tinto Venture, as part of a larger financing effort to support its Los Azules copper project [1][2]. Group 1: Investment Details - The total gross proceeds from the private placement financing have reached $56 million after the second tranche, which included Nuton's purchase of 1,166,666 common shares for $35 million and additional investments from other investors [1][2]. - The initial tranche of the offering raised $19 million, led by McEwen Mining's $14 million investment and Rob McEwen's $5 million investment [1]. Group 2: Ownership Structure - Following the recent share issuances, Nuton now holds 17.2% of McEwen Copper on a fully diluted basis, with McEwen Mining owning 46.4%, Stellantis 18.3%, Rob McEwen 12.7%, and other shareholders making up the remainder [2]. Group 3: Project Development - Proceeds from the offering will be allocated to advancing the feasibility study for the Los Azules copper project, which is expected to be published in the first half of 2025 [2]. - The Los Azules project is recognized as one of the largest undeveloped copper deposits globally, with a PEA estimating a $2.7 billion after-tax NPV at a copper price of $3.75 per pound [5].