Mcewen Inc. · NYSE:MUX
Mcewen — McEwen Mining — Shareholder Meeting (June 2025)
91 slides from Mcewen's shareholder meeting presentation, Jun 25, 2025
Slide 1: Annual Meeting 2025
Annual Meeting 2025 June 19, 2025
Slide 2: Agenda
Formal Part of the Meeting Carmen Diges, General Counsel Company Presentation Annual Meeting 2025 Rob McEwen, Chairman & Chief Owner Finance Review Jeff Chan, VP Finance Operations Overview Bill Shaver, Chief Operating Officer Operations Gold Bar Adrian Blanco S., Director of America and Mexico Oper
Slide 3: Formal Part of the Meeting
Formal Part of the Meeting Carmen Diges General Counsel
Slide 4: Annual Meeting 2025 – Rob McEwen
Annual Meeting 2025 Rob McEwen Chairman & Chief Owner
Slide 5: McEwen Mining's Board of Directors
McEwen Mining’s Board of Directors Rob McEwen CHIEF OWNER AND CHAIRMAN William Shaver CHIEF OPERATING OFFICER AND BOARD DIRECTOR Richard W. Brissenden Ian Ball Alfred Colas Michelle Makori Nicolas Darveau-Garneau Dalia Asterbadi John Florek Steve Kaszas Michael Melanson
Slide 6: Board of Directors Skill Set
6 Board of Directors Skill Set Ian Bill Richard Alfred Michael Steve Michelle John Operations Market IT, Ai Exploration Financial & Corp / Legal Dalia Nicolas Rob
Slide 7: McEwen Mining Operations: Gold, Silver Production & Copper Development
McEwen Mining Operations: Gold, Silver Production & Copper Development Project Fox Mine Complex Timmins, Canada (100%) San José Mine Argentina (49%) Los Azules Argentina El Gallo – Fenix Project Mexico (100%) Gold Bar Mine Nevada (100%) Elder Creek Nevada Rory Greyvensteyn Sean Farrell Kevin Bromfie
Slide 8: Forward-looking statements
This presentation and the information included herein do not constitute an offer to buy or the solicitation of an offer to subscribe for or to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale wou
Slide 9: Cautionary Note Regarding Non-GAAP Measures
MUX: Cautionary Note Regarding NON-GAAP Measures In this presentation, we have provided information prepared or calculated according to U.S. GAAP, as well as provided some non-U.S. GAAP ("non-GAAP") performance measures. Because the non-GAAP performance measures do not have any standardized meaning
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Slide 11: Market Timing – Gold vs DJIA
0 5 10 15 20 25 30 35 40 45 # of Gold Ounces To Buy The Dow 129 Years of History: Number of Ounces of Gold to buy DJIA 1896 1920 1940 1960 1980 2000 2020 1 oz Jan 18, 1980 Note: Data presented for illustrative purposes only. Historical returns do not guarantee positive future returns. Source: Bloomb
Slide 12: Commodities Are Cheap @ 55 Year Low Relative to Equities
0 2 4 6 8 10 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Commodities Are Cheap @ 55 Year Low Relative to Equities S&P GS Commodity Index vs S&P 500 (1970-2025) Tech Bubble Current Period Commodities Expensive vs Equities Commodities Cheap vs Equities 2008 Financial Crisis 1990 Gulf W
Slide 13: Mining Industry As a % of Global Equities
13 Mining Industry As a % of Global Equities Global Mining Industry Aggregate Market Cap Relative to Total Global Stocks' Market Cap Today Source: Statista, S&P Global Market Intelligence, Tavi Costa, Crescat Capital LLC. As of May 13, 2025. 10% 10% 9% 9% 7% 6% 6% 6% 7% 7% 9% 11% 11% 11% 9% 8% 7% 6%
Slide 14: Gold Running Ahead; Gold Equities Poised to Outperform
-100 -50 0 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gold GDX GDXJ 14 Divergence: Gold (yellow) Running Ahead and Gold Equities (GDX ETF blue & GDXJ ETF red) Are Poised to Outperform Source: Bloomberg. Monthly chart. As of June 18, 2025. %
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Slide 16: MUX's Relative Performance Over Past 33 Months
-50 0 50 100 150 200 250 300 350 Sep/2022 Dec/2022 Mar/2023 Jun/2023 Sep/2023 Dec/2023 Mar/2024 Jun/2024 Sep/2024 Dec/2024 Mar/2025 Jun/2025 MUX GDX GDXJ Nasdaq Gold Silver Copper Dow % Investments in McEwen Copper Stellantis ARS $30 B Nuton - Rio Tinto $30 M McEwen Copper completes $81.85 M financi
Slide 17: McEwen Copper's Growing Impact on MUX Share Value
McEwen Copper MUX Amount Share Price Market Value Ownership Value Value/Share Aug 2022 $82 M $10 $256 M 68.1% $175 M $3.25 Feb 2023 $30 M $19 $550 M 51.9% $285 M $5.29 ARS $30 B1 Oct 2023 $10 M $26 $800 M 47.7% $382 M $7.09 ARS $42 B2 Oct 2024 $56 M $30 $984 M 46.4% $457 M $8.47 McEwen Copper Privat
Slide 18: Sum of Its Parts: More Value to Potentially Surface
McEwen Mining: More Value to Potentially Surface Management’s Estimate of Value. Sum of Its Parts. MUX’s Assets Range of Estimated $US Value per MUX Share1 Low High McEwen Copper (46.4%)2 Los Azules $8.47 3 $29.04 4 Royalty Portfolio $0.65 5 $0.65 5 MUX’s Closing Share Price on NYSE on Gold & Silver
Slide 19: Financial Review
Financial Review Jeff Chan VP Finance
Slide 20: Current Financial Snapshot
20 Current Financial Snapshot Liquidity Debt Gross Profit Adjusted EBITDA Improving working capital Cash1 $51 M Working Capital1 $45 M Positioning for project growth Convertible Debt US$110 M Closed in Feb 2025 Total Debt US$130 M Strong gold price environment Q1 2025 $10 M Q1 2024 $6 M Profitabilit
Slide 21: 2025 Guidance and Q1 2025 Performance
21 2025 Guidance and Q1 2025 Performance Site Production Q1 2025 Production Guidance FY 2025 Cash cost Q1 2025 Cash Cost Guidance FY 2025 AISC Q1 2025 AISC Guidance FY 2025 Fox Complex 5,520 oz 30 – 35,000 oz $2,061 $1,600 – 1,800 $2,504 $1,700 – 1,900 Gold Bar 7,688 oz 40 – 45,000 oz $1,146 $1,500
Slide 22: Operations
Operations Bill Shaver Chief Operating Officer
Slide 23: Building the Future of McEwen Mining
23 Building the Future of McEwen Mining Fundamental Strengths of McEwen Mining • Excellent Safety Performance at All Operations and Exploration Projects, Including Contractors. • Environmental Stewardship Excellent at All Operations. • Exploration Success, Gold Resources Now Headed Toward 4.0 Millio
Slide 24: What the Next Years Look Like for Timmins
24 Building the Future of McEwen Mining What Will the Next 5 Years Look Like for Timmins • Froome ▪ Will extend to mid-year 2026 due to new better grade mineralization at Froome West (+3.0 g/t), which we are starting to mine • Stock Mine and Mill ▪ Ramp Access to the Stock Mine underground started ▪
Slide 25: What the Next Years Look Like for Gold Bar & Timberline
25 Building the Future of McEwen Mining What Will the Next 5 Years Look Like for Gold Bar & Timberline • Gold Bar - will continue mining and exploration into 2030. • Gold Bar South - will mine all known resources in 2026. • Timberline assets - will continue working on permitting, hoping to be in pro
Slide 26: Operations – Gold Bar
Operations Adrian Blanco S. Director of America and Mexico Operations
Slide 27: Gold Bar Mining Operation in Nevada
27 Gold Bar Mining Operation in Nevada Strong Performance in 2024 - Excellence in Safety, Production, Cost Control & Mine-Life Expansion 1) Safety: 5.3 years without Lost Time Injuries - and still counting. 2) 44.6 Koz Gold Production: 7% above guidance & higher than 2023. 3) Strong Control of Costs
Slide 28: Exploration Nevada Projects
Exploration Nevada Projects Bob Kastelic Exploration Manager
Slide 29: Nevada Exploration Projects Location Map
100 miles Midas South Seven Troughs New Pass Las Vegas Elko Winnemucca Lovelock N Reno Active Projects Inactive Projects Nevada Exploration Projects| Location Map Projects in Northern Nevada • 2025 Exploration Budget US$7 M • 36,000 m drilling planned for 2025 Active Projects • Carlin-Type Deposits
Slide 30: Gold Bar Complex: Advancing Brownfields Targets in 2025
Dec 2024 Gold Bar Resources & Reserves1 : 221,900 oz Gold @ 0.64 g/t Proven & Probable 95,900 oz Gold @ 0.68 g/t Indicated 7,900 oz Gold @ 0.59 g/t Inferred - 2024 Production 44,600 oz Gold - Added 55,700 oz Gold in 2024 (net of production) - Discovery cost per oz Gold: US$70 Near-Mine Targets - Gol
Slide 31: Timberline Eureka Property: Lookout and Windfall Projects
• Located 30 miles from Gold Bar • Lookout Resource (2024 acquisition from Timberline) 423 Koz Gold @ 0.017 oz/T (0.56g/t) Measured & Indicated 84 Koz Gold @ 0.011 oz/T (0.39g/t) Inferred • Windfall Potential Open-Pit and underground oxide potential containing 100-200 Koz Gold @ 0.75-2 g/t • Past Pr
Slide 32: Timberline Eureka Property Windfall Project
32 Timberline Eureka Property Windfall Project Potential for 100-200 Koz Gold Open-Pit Oxide Grading 0.75-2 g/t
Slide 33: Lookout Mountain Exploration
Lookout Mountain Exploration 2025 Drilling Program – 5,000 m • Convert 84 Koz Gold Inferred Resources to Indicated • Resource Definition to better determine shapes of mineralized zones • Extend Mineralization along strike and at depth • Core for Metallurgical Test Work and geologic data to define co
Slide 34: Seven Troughs Project
Early 1900's Gold Production averaged 1.2 oz/T (41 g/t), one of the highest-grade historical districts in Nevada High-Grade Epithermal Vein Mineralization: o >1 oz/T Gold left behind in flooded stopes at 1,000 ft depth o >1 oz/T Gold in legacy drill holes o Near-Surface Mineralization Exploration po
Slide 35: Operations – Canada
Operations Rory Greyvensteyn, Director of Operations, Canada
Slide 36: Fox Complex – Froome Mine
36 Fox Complex – Froome Mine Strong Safety Culture - No Lost-Time Injuries Zero Environmental Reportable Incidents Mine Life Extended to Q2-2026 • Budget plan had production ending in 2025 Gold Production • 2024 – 30,000 oz Au • 2025 Jan - May – 8,000 oz Au • 2025 Forecast – 30,000 oz Au
Slide 37: Fox Complex – Froome West Zone
37 Fox Complex – Froome West Zone March 2025 Mineable Inventory Update • 232 Kt @2.54 g/t Gold = 19 Koz Gold June 2025 Mineable Inventory Update • 191 Kt @ 4.34 g/t Gold = 27 Koz Gold • 8 Koz Gold increase through a 5-week drill program! Phase 2 Infill & Definition Drill Program Ongoing • Estimated
Slide 38: Stock Project Operational & Closure Plan
• Mine development operations proceeding @ Stock Project • Commercial production planned to begin in 2026 • East Zone Resource: 75,000 oz Gold @ 2.70 g/t Indicated & 50,000 oz Gold @ 2.66 g/t Inferred • Total Stock Project Resource: 281,000 oz Gold @ 3.12 g/t Indicated & 182,000 oz Gold @ 2.87 g/t I
Slide 39: Exploration Fox Complex
Exploration Fox Complex Sean Farrell Exploration Manager
Slide 40: Fox Complex: Resource Building & Exploration Success
Fox Complex • Production to Date: 3.3 M oz Gold • Resources: 2.2 M oz Gold M+I @ 3.64 g/t & 0.8 M oz Gold Inferred @ 3.18 g/t • Primary & Secondary Structural Controls: >30 km • 2025 Exploration Budget: US$10 M 40 Fox Complex | Resource Building & Exploration Success In the Timmins Camp (>70 M oz Go
Slide 41: Stock Project: Resources and Exploration Potential
41 Stock Project | Resources and Exploration Potential Stock Gold Resources1 Indicated West & Main 206,000 oz Gold @ 3.31 g/t East 75,000 oz Gold @ 2.70 g/t Total Indicated 281,000 oz Gold @ 3.12 g/t Inferred West & Main 132,000 oz Gold @ 2.96 g/t East 50,000 oz Gold @ 2.66 g/t Total Inferred 181,00
Slide 42: Grey Fox: A Million oz Gold Deposit
Grey Fox | A 2 Million oz Gold Deposit Drilling Highlights Drillhole Grade (g/t Gold) Width (m) 24GF-1508 10.2 11.1 24GF-1511 46.3 1.3 24GF-1513 11.2 5.8 24GF-1520 17.7 8.0 25GF-1525 12.9 4.3 25GF-1528 5.5 10.5 25GF-1537 8.6 8.7 25GF-1537 4.4 13.4 25GF-1539 12.4 10.7 25GF-1548 4.0 30.1 All assay int
Slide 43: Grey Fox: Exploration Horizons
Grey Fox | Exploration Horizons 43 • At least two exploration horizons for Fox East have been identified • Geophysics-targeted drilling within the Black Fox Horizon & Grey Fox Horizon to continue during H2 2025 • Step-out drilling Northwest of the historical Gibson Ramp to continue building the Grey
Slide 44: Gibson Zone: Good Grades & Widths
Gibson Zone | Good Grades & Widths: Open to the Northwest 44 500 Meters Location Map of Cross Section A-A’ Drillhole Grade (g/t Gold) Width (m) 24GF-1460 10.2 3.1 24GF-1475 5.2 5.9 24GF-1513 3.0 10.7 24GF-1513 11.2 5.8 25GF-1525 4.2 3.2 25GF-1525 12.9 4.3 25GF-1525 15.3 2.7 25GF-1539 12.4 10.7 25GF-
Slide 45: Grey Fox: Expanding the Resource Base
45 Grey Fox | Expanding the Resource Base Year End 2024 Resource Update • 32% Increase to the Indicated Resource & 95% Increase to the Inferred Resource • Whiskey Jack: 116,000 oz Gold @ 5.69 g/t Indicated, represents 97% of the zone’s resource and remains open for drilling at depth • Discovery cost
Slide 46: Grey Fox: Near-Term Ounces, Long-Term Growth
68,500 m of drilling planned for 2025, with a focus on: • High-priority areas: Gibson, Grey Fox South (GFS) & Whiskey Jack • Strategic exploration pursuing long-term growth ▪ Emphasis on geophysical drill targeting during H2 2025 Gibson Zone expansion drilling: • Returning good grades & widths • Tar
Slide 47: Operations – Grey Fox
Operations Kevin Bromfield Project Director Grey Fox
Slide 48: Grey Fox Project
Opportunity: • Leverage successful resource growth for the next phase of production growth in Ontario 2024 Mineral Resource Estimate ~2M Ounces Classification Tonnes (Kt) Au Grade (g/t) Contained Au (oz) Indicated 13,135 3.64 1,538,000 Inferred 4,319 3.30 458,000 48 Grey Fox Project 12-Month Outlook
Slide 49: Operations – Technical Services
Operations Channa Kumarage, Technical Services Director
Slide 50: Fox Complex Summary
50 Fox Complex - Strong Safety Culture - No Lost - Time Injuries - Zero Environmental Reportable Incidents - Mine Life Extended to Q2 - 2026 at Froome - Stock Project Development in progress - Grey Fox Project – Progressing to Pre -Feasibility study
Slide 51: Stock Project
51 Stock Project Project Capital: $80 - $100 M Anticipated Production: >50 Koz Gold/ yr Expected AISC: <$2,000/ oz Gold Projected Mine Life: 6-8 years Construction Capital Development Commercial Production 2024 2025 2026 Project Status
Slide 52: Gold Bar Summary
52 Gold Bar - Strong Safety Culture - No Lost -Time Injuries - Zero Environmental reportable Incidents - Mine Life extended to H2 2029 - Continued delineation drilling to identify near term targets
Slide 53: MUX – The Future Is Bright!
MUX - The Future Is Bright! MUX Production Profile (100% Owned Properties) G£O Produced 8 8 Fox Complex Forecast (Permitted) Fox Complex Production (Permitting Dependent) GB Forecast (Permitted) = GB Production (Permitting Dependent) 53,
Slide 54: San José
San José Stefan Spears VP Corporate Development
Slide 55: San José Mine
San José Mine N Newmont Cerro Negro Mine Production:1 2023 269,000 oz Au 2024 238,000 oz Au 2025E 250,000 oz Au 20 km 12 miles San José Argentina Property outline 49% MUX Ownership/ Non-operator 1. Newmont reports. San José Mine Encircles Newmont’s Cerro Negro Mine, Deseado Massif, Argentina
Slide 56: Financial Outlook
Financial Outlook Perry Ing CFO
Slide 57: Outlook – Growth Self-Funded Through Operating Free Cash Flow
Outlook – Growth Self-Funded Through Operating Free Cash Flow *100% held operations, excludes San Jose *Free Cashflow: After Tax Cashflow from Operations less Sustaining CapEx 57
Slide 58: Outlook – Self Financing Remains Viable
Outlook - Self Financing Remains Viable in Face of Gold Price Volatility *100% held operations, excludes San Jose 58 *Free Cashflow: After Tax Cashflow from Operations less Sustaining CapEx
Slide 59: Adjusted EBITDA Outlook
59 Adjusted EBITDA Outlook • Based on the growth profile of our operations at both Gold Bar and the Fox Complex, we expect significant improvements in Adjusted EBITDA • Key assumptions include a gold price of $3,350/oz and a stable foreign exchange environment. • During 2025, we expect to meet our p
Slide 60: Adjusted EPS Outlook
Adjusted EPS Outlook Estimated earnings based on current project pipeline *Adjusted EPS excludes income (loss) from investments in McEwen Copper and MSC (San Jose Mine) *Based on Gold Price of $3,350 for 2H 2025 through 2030 60
Slide 61: McEwen Copper
McEwen Copper Michael Meding VP & GM
Slide 62: Why Invest in Copper?
Why Invest in Copper? 62 1. Copper Powers the Energy Transition Demand for copper is rising with the growth of electric vehicles, AI data centers, and expanding power grids. North America and Europe are aiming to securing supply, while demand in India, ASEAN nations, and the GCC is accelerating. 2.
Slide 63: Copper – A Prime Investor Preference Across Commodities
Source: BMO Equity Research Copper – A Prime Investor Preference Across Commodities 63 “The global demand for copper is 27 million tonnes. With prices averaging $9,177 per tonne in April 2025, this translates into annual market demand of $250 Billion. ” “Demand is projected to rise significantly, dr
Slide 64: Los Azules
1 - Subject to financing, macroeconomic conditions, permits, etc. 64 Los Azules Copper cathodes palleted for shipment to global markets. Quality copper cathodes can be directly used in industrial applications such as copper wire, sheet,tubing etc. General Description Los Azules is a low environmenta
Slide 65: Argentina: Emerging Tier Mining Jurisdiction
Argentina | Emerging Tier 1 Mining Jurisdiction | Strong Copper Potential *Ranking based on the 20 largest copper mines in the world in 2021 by production capacity. https://elements.visualcapitalist. com/the-largest-copper-mines-in-the-world-by-capacity/ Pelambres Antofagasta Andina Codelco Los Bron
Slide 66: Argentina's Large Investment Incentive Regime (RIGI)
• Designed to attract foreign investment to a variety of sectors in Argentina • RIGI includes mining, a key pillar to country’s plans for economic growth • Key Benefits: Argentina’s Large Investment Incentive Regime (RIGI) Long-term Certainty Financial & Regulatory Stability Attractive Fiscal Enviro
Slide 67: Argentina Copper Sector Developments Timeline
1. Dec 10, 2023 - Major Geopolitical Shift with the election of pro-business President Javier Milei 2. July 8, 2024 - Large Foreign Investment Incentive Regime Approved – potential to significantly increase Los Azules NPV 3. July 29, 2024 - BHP, World’s Largest Miner Completes US$4.5 Billion Copper
Slide 68: A Year of Strategic Milestones and Operational Excellence
A Year of Strategic Milestones and Operational Excellence - McEwen Copper steadily advancing the Los Azules copper project in San Juan, Argentina. - >1.79 M work hourslogged since July 2023 with no Lost Time Incidents or Environmental Events. Key Highlights - Signed MOU with YPF Luz Engineering, Con
Slide 69: Financial Momentum & Investor Engagement
Financial Momentum & Investor Engagement Raised $56M in private placements — including $35M from Nuton/Rio Tinto at $30/share — bringing Nuton’s total investment to $100M and valuing McEwen Copper at $984M (100% basis) or $8.47 attributable per McEwen Mining share. Actively pursuing additional equit
Slide 70: Feasibility Study Achievements
70 Feasibility Study Achievements Feasibility Study Nearing Completion – Q3 2025 Resource Model Update • Incorporated all the resource drilling in the model, a total of 178,027 meters Mining Engineering • Focused on mining schedules following strategic planning grade profile • Continued discussions
Slide 71: Feasibility Study Achievements: Process
71 Feasibility Study Achievements Process • Heap Leach Pad designed to include design criteria consistent with ICMM, IFC and other international standards • Process Areas feasibility design complete • OPEX complete; pending final mine schedule update Hydrogeology • Completed Pump Testing for vegas,
Slide 72: Recent Exploration Suggests Los Azules Could Get Bigger
- AZ22174: 0.29% Cu / 1,052 m incl. 0.42% Cu / 480 m coincides with a prominent Deep Geophysical anomaly - AZ23241: over 400 m North ofAZ22174 encountered 202 m of 0.20% Cu with last 12 m grading 0.44% Cu - Long intercepts of between 0.2% to 0.3% Cu occur in the southern exploration holes - AZ24338
Slide 73: New District Exploration Targets at Los Azules
Our property contains 7 new exploration targets with large porphyry systems: Ground reconnaissance, concession-wide aerial magnetotelluric data, and initial drilling have identified promising potential Porphyry Copper deposits. Refined geologic sampling of the region and additional geophysics planne
Slide 74: Exploration of Targets at Los Azules
TANGO MERCEDES Exploration of Targets at Los Azules AZE2505C: 74 m (depth) Azurite: Cu₃(CO₃)₂(OH)₂ - secondary mineral in the oxidized zones of copper deposits. 500 m (depth) Biotite Veinlets with K-feldspar halo - common in hydrothermal systems 74 AZE2505C: 85 m (depth) Chalcanthite: CuSO₄·5H₂O - f
Slide 75: Porphyry Target: Tango Area
Preliminary and ongoing drilling has confirmed copper oxide and sulfide mineralization, consistent with a vertically zoned porphyry system. Additional drilling is planned to confirm the deeper porphyry source. Drillhole Data AZE2403 • 394-500 m @ 0.11% Cu – Broad zone with chalcopyrite, suggesting e
Slide 76: Porphyry Target: Mercedes Area
Porphyry Target | Mercedes Area Mercedes: Surface Molybdenum & Porphyry Indicator Moderate molybdenum-bearing B-type veining and strong alteration indicate proximity to a porphyry center, with high-grade molybdenum highlighting a compelling new porphyry target. • Surface samples >1000 ppm Mo, a majo
Slide 77: Porphyry Target: Porfido Norte
77 Porphyry Target | Porfido Norte Porfido Norte: Concealed Porphyry Target Porfido Norte Total Magnetic Intensity (nT) Survey of Los Azules area LOW HIGH All indicators point to a concealed porphyry system at depth, making Porfido Norte a high-priority target for future drilling. • Volcanic breccia
Slide 78: McEwen Copper Board of Directors
David R. Beatty Served on 39 (10 mining) different boards of directors in Canada, America, Mexico, Australia and England, and has been chairman of 9 (5 mining) public companies. Professor Emeritus of Corporate Governance,University of Toronto. Serge Gattesco Chartered Professional Accountant with 35
Slide 79: Los Azules Management Team
Over 250 years' combined experience attop tier mining projects & operationsin San Juan, Argentina, withmajor mining companiessuch as: 79 Los Azules Management Team | Deep Experience Plus a Track Record of Success In San Juan Province
Slide 80: Key Attributes of the McEwen Copper Story
McEwen Copper Positioned as the New Vehicle for Copper Growth Backed by Key Strategic Partners 5 4 6 3 7 2 1 Mining for the Modern World With Regenerative Principles + Low Carbon Intensity Argentina - Emerging Tier 1 Lithium & Copper Mining Jurisdiction Experienced Board and Management Team World-cl
Slide 81: Our Vision of a Mine Designed for the Future
81 A carbon-negative copper mine. Inspiring change in the mining industry. A safe and healthy mine. Building a technologically advanced mine. A positive & highly desirable workplace. Net-positive ecological impact. Supporting the world’s transition to renewable energy. Our Vision of a Mine Designed
Slide 82: Future Camp Video
Future Camp Video: t.ly/lAYts
Slide 83: Closing Remarks
Closing Remarks Rob McEwen Chairman & Chief Owner
Slide 84: Q & A
Q & A
Slide 85: We Value Your Feedback
We Value Your Feedback We’d love to hear your thoughts! Please share any comments or suggestions about our presentation with us from the link below https://www.surveymonkey.com/r/PR27TQN 85
Slide 86: Appendix
Appendix
Slide 87: McEwen Copper Ownership
McEwen Mining (MUX) 46.4% Stellantis 18.3% Nuton/ Rio Tinto Venture 17.2% Rob McEwen 12.7% Victor Smorgon Grp 3.1% Others 2.3% World’s 6th Largest Auto Manufacturer1 Subsidiary of World’s 2nd Largest Mining Company2 Founder of Goldcorp Inc. Grew Market Cap From $50 Million to $8 Billion 100% 100% 46
Slide 88: Los Azules: Global Leadership and Strategic Engagements
Los Azules | Global Leadership and Strategic Engagements 88 Michael Meding, Javier Milei, Rob McEwen Future Mineral Forum Saudi Arabia 2025 CEO Roundtable at the Toronto Stock Exchange Michael Meding, EU Raw Materials Week 2024 , Brussels Visit of the Canadian ambassador Stewart Wheeler to Los Azule
Slide 89: Los Azules: Global Leadership and Strategic Engagements
Los Azules | Global Leadership and Strategic Engagements Visit of German Ambassador Dieter Lamlé. Joined by German Consul Andreas Vollmer. Visit of former Canadian ambassador Reid Sirrs to the Los Azulessite South America CRM Coalition of the Willing organized by the EU. Only copper project present.
Slide 90: Los Azules: Global Leadership and Strategic Engagements
Los Azules | Global Leadership and Strategic Engagements Michael Meding, Arminera 2025. Buenos Aires IFC representatives visited Los Azules to gain a deeper understanding of the project Michael Meding at Bauma 2025, Munich, Germany 90 Visit of EU Ambassador Amador Sanchez Rico
Slide 91: RIGI Key Benefits and Tax Benefits
•Designed to attract foreign investment to sectors in Argentina •RIGI includes mining, which is a key pillar to the country’s plans for economic growth •Key Benefits: • Corporate tax rate of 25% (currently 35%) • Accelerated depreciation on equipment and infrastructure • Unlimited loss carryforward