Mcewen Inc. · NYSE:MUX
Mcewen — Beaver Creek Precious Metals Summit Conference (September 2026)
24 slides from Mcewen's conference presentation, September 2026
Slide 1: World-Class Copper Project, Get Gold Upside for Free
World-Class Copper Project, Get Gold Upside for Free NYSE & TSX Beaver Creek Precious Metals Summit Conference Download September 2026 Presentation
Slide 2: Cautionary Statement
Cautionary Statement This presentation and the information included herein do not constitute an offer to buy or the Statements. All Forward-looking Statements made in this presentation are qualified by this solicitation of an offer to subscribe for or to buy any of the securities described herein, n
Slide 3: MUX Has Healthy Balance Sheet and Tight Capital Structure
MUX Has Healthy Balance Sheet and Tight Capital Structure Liquid, Dual-Listed, NYSE & TSX $78.9M $13.2M $43M $130M Cash & Equivalents Working Capital Net Income H1 2026 Total Debt $110M Conv + $20M SSD $0.72/share MUX SHARE OWNERSHIP DISTRIBUTION MUX SHARES Shares Outstanding 61.4M 16% 22% Rob McEwe
Slide 4: Shareholder-Aligned: Rob McEwen, Chief Owner
Shareholder-Aligned Rob McEwen, Chief Owner $293 Million 16% $1/Year Personal Investment Ownership of MUX Chief Owner & Chairman’s Salary (Cost Basis Equity & Debt) 8.2M Shares MUX & McEwen Copper PROVEN TRACK RECORD Goldcorp founder - grew market cap from $50M to $8B Total investments: $140M MUX sh
Slide 5: Americas-Focused Precious Metals Producer with World-Class Copper Optionality
Americas-Focused Precious Metals Producer with World-Class Copper Optionality Tartan Project Manitoba, Canada Au Grey Fox Fox Mine Complex Stock Timmins, Canada Au Froome Au Gold Bar Complex Windfall & Lookout Nevada Au Au Elder Creek El Gallo – Fenix Project Nevada Mexico Au, Ag Exploration Cu McEw
Slide 6: Copper Developers Index vs. McEwen Copper
Copper Developers Index vs. McEwen Copper Cap @$60 $1.98B Cap @$35 $1.15B Index consists of ATEX, Faraday, Ivanhoe Electric, Marimaca, Solaris, NGEx. As of September 16, 2026.
Slide 7: Sensitivity to Copper Price of Los Azules After-tax NPV(8%)
Sensitivity to Copper Price of Los Azules After-tax NPV(8%) $14.0 B $13.0 B Current $12.0 B Cu Price $11.0 B $6.68/ $10.0 B lb $9.0 B NPV(8%) Billion $ $8.3 B $8.0 B Current $7.0 B Long-Term Feasibility Cu Price $6.0 B Study $4.5 B Cu Price $4.0 B $2.9 B $2.0 B $0.9 B $0.0 B $3.48/ lb $4.35/ lb $5.2
Slide 8: Gold for Free
Gold for Free World Class Copper Project MUX Market Cap* MUX, TSX & NYSE $1.2 B 46.3% McEwen Copper @$5 / lb Cu & 0.45x P/NAV $ 0.9 B 1.25% NSR On Los Azules $600M undiscounted CF @ spot $ 0.2 B MU X PROD UCT I ON OF GOL D A ND SI LVE R SI L VER 109k – 120 koz 2026E gold equivalent ounces 250 - 300
Slide 9: 250-300K GEO by 2030: A Multi-Asset Growth Engine
250-300K GEO by 2030: A Multi-Asset Growth Engine with Built-In Gold Price Optionality A portfolio of producing mines and development assets that can deliver a 2.3x production increase With ~$130M in incremental annual free cash flow for every $1,000/oz move in gold 296,000 GEO $800 300,000 Annual F
Slide 10: MUX vs Producer Peers
MUX vs Producer Peers $70,000 $60,000 EV / 2026E GEO Guidance (USD/oz) $50,000 $40,000 $30,000 +123% to Reach Peer avg $20,000 $10,000 - EV / 2026E GEO Guidance (Midpoint) Peer Average ($22,686)
Slide 11: Near-Term Catalysts & Growth Triggers for MUX
Near-Term Catalysts & Growth Triggers for MUX Multiple Value-Unlocking Events Over the Next 12-24 Months MUX Exploration Results 2026 Los Azules Construction Decision 2027 FID & full project financing expected in mid-2027 Ongoing drilling at Fox Complex, Eureka, Seven Troughs, — catalyst for signifi
Slide 12: One of the World's Largest Undeveloped Copper Deposits
One of the World's Largest Undeveloped Copper Deposits
Slide 13: Outlook for Copper - Bullish
Outlook for Copper - Bullish Copper Price From Fundamental Perspective $7.00 Driving Demand • Growth of EVs $6.00 • Renewable energy infrastructure $5.00 • AI & data centers Supply • Deep structural deficits $4.00 Constraints by 2027-2028 RBC & JPM • New mines have long lead $3.00 times & 8 yrs for
Slide 14: Rare, World-Class, De-Risked, Shovel Ready
Rare, World-Class, De-Risked, Shovel Ready Los Azules offers: Tier-1 Scale (35.7B lbs Cu resource) Renewable-powered design No tailings dam risk Strategic investors (Rio Tinto / Stellantis) Potential production entering the forecast supply deficit window
Slide 15: Los Azules — Overview
Los Azules — Overview San Juan Province, Argentina | McEwen Copper (MUX Owns 46.3%) 35.7B lbs Cu 205 ktpa Cu 21 Years 10.2B lbs Cu Reserves + Avg Yrs 1-5 Mine Life 25.4B lbs Cu Resources Copper Cathode Production +33 yrs potential extension with Nuton = 54 Years $1.71/lb Cu $2.11/lb Cu $3.2B LOM C1
Slide 16: McEwen Copper
McEwen Copper 32.9 M Shares Outstanding Ownership: Private, Pre-IPO, Global Investors World’s 6th Largest Auto Manufacturer1 Stellantis 18.2% Subsidiary of Nuton/ World’s 3rd Largest 46.3% Rio Tinto Venture Mining Company2 McEwen Inc. 17.2% (MUX) 46.3% Rob McEwen 100% 13.0% Andes Corporacion Minera
Slide 17: Los Azules — ESG & Sustainability Leadership
Los Azules — ESG & Sustainability Leadership Designed to Be One of the World’s First Regenerative Copper Mines 6th Percentile No Tailings Carbon Intensity Zero Dam Risk Among the lowest carbon footprint copper projects globally Heap leach SX-EW eliminates tailings dam — enabled by 100% renewable pow
Slide 18: Sensitivity of Los Azules NPV to Copper Price and Value of MUX's Investment
Sensitivity to Copper Price of Los Azules NPV, to Gross Profit Margin & Value of MUX’s Investment In McEwen Copper NPV After-Tax Value MUX Sensitivity to Gross Copper Price NPV8% Payback Ownership $ / MUX Change in IRR Profit $ Cu / lb $B Years 46.3% Share Cu Price Margin $B -20% $3.48 $0.9 12% 5.8
Slide 19: Los Azules Path to Production
Los Azules Path to Production1 2024-25 2026 2027-29 2030 Feasibility Engineering FID & Construction Production • DIA Dec 2024 • $240M term loan completed • Final Investment Decision • Commission Q4 2029 • RIGI Sep 2025 • Detailed engineering • 33-month build • First cathode • FS filed Nov 2025 • Sec
Slide 20: Nuton Technology: Unlocking Sulfide Upside
Nuton Technology: Unlocking Sulfide Upside Rio Tinto's breakthrough bio-leach technology could transform Los Azules economics Current FS (Supergene) Without Nuton Potential with Nuton (Primary Sulfides) • 21-year mine life • Additional 33 years to mine (+157%) • 1.02 Bt ore processed • 2.43 Bt addit
Slide 21: Bullish Outlook for Copper
Bullish Outlook for Copper Structural Supply Deficit Meets Surging Demand DEMAND DRIVERS SUPPLY CONSTRAINTS Electrical grid upgrades — massive global investment required Structural supply deficits forecast by 2027-28 (RBC, JPM) AI & data centers — exponential power demand growth Long lead time for n
Slide 22: Los Azules — De-Risking Milestones Achieved
Los Azules — De-Risking Milestones Achieved Every Major Permitting & Technical Milestone Completed Strategic Partner: Stellantis 2024 ARS 72B (~$275M) investment for 18.2% of McEwen Copper Strategic Partner: Nuton (Rio Tinto) 2024 - 2025 $100M total investment for 17.2% — proprietary heap leach tech
Slide 23: Los Azules Management Team
Los Azules Management Team In-Country Operators. International Engineers. One Integrated Team Purpose-Built for Los Azules. Michael Meding MANAGING D IRECTOR AND GENERAL M ANAGER MANAGER Jim Sorensen David Tyler PR OJECT DIR ECTOR ASS. P ROJEC T DIREC TOR Pedro Cuadra Franco Rizzetto Rodolfo Ovalles
Slide 24: Contact
Contact Rob McEwen Stefan Spears Michael Meding Chairman & Chief Owner Vice President Corporate Development Managing Director McEwen Inc. McEwen Inc. McEwen Copper Tel: (647) 258-0395 Direct: (647) 408-1849 Direct: (775) 375-7125 Email: rob@mcewenmining.com Email: stefan@mcewenmining.com Email: mmed
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