McEwen Mining(US:MUX) Globenewswire·2025-12-16 11:00Core Viewpoint - McEwen Inc. has received approval from the Mexican government for the extension of its Environmental Impact Assessment for the El Gallo Mine, enabling the company to commence Phase 1 Mill Construction, targeting mid-2026 for construction start and mid-2027 for the first gold pour [1] Group 1: Project Development - The company has purchased a ball mill, which is already onsite at the El Gallo Mine [1] - Phase 1 is expected to produce approximately 20,000 Gold Equivalent Ounces (GEOs) annually once commercial production is achieved, with production coming from reprocessing material from the historical leach pad [2] - Remaining capital costs to complete construction are estimated at $25 million, with no significant development or exploration costs anticipated, enhancing free cash flow [2] Group 2: Resource Estimates - Historical silver resources for the El Gallo and district satellite deposits total 53.1 million ounces in the Measured and Indicated categories and 31 million ounces in the Inferred category [3] - The resource estimates were calculated using a silver price of $28.50 per ounce and a gold price between $950 and $1,500 per ounce [3] - The company plans to update the resource estimates for El Gallo in 2026 based on currently known resource areas [3] Group 3: Company Overview - McEwen provides shareholders with exposure to a growing base of gold and silver production, along with a significant copper development project in the Americas [5] - The company has a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina, valued at approximately US$456 million [6] - The Los Azules project aims to be one of the world's first regenerative copper mines and carbon neutral by 2038 [7] Group 4: Leadership and Investment - Chairman Rob McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders [9] - His objective is to build McEwen's profitability, share value, and eventually implement a dividend policy, similar to his previous experience with Goldcorp Inc. [9]