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- **Operational Recovery**: Q3 EBITDA up 12% YoY to $11.8 million, driven by cost control and asset optimization.
- **Copper Growth Catalyst**: Los Azules feasibility study confirms $2.9B NPV, 19.8% IRR, targeting 2026 construction.
- **Strategic Acquisitions**: Assay tech investment to accelerate resource delineation and reduce production delays.
- **Capital Discipline**: $51M cash balance supports 2026 capex without equity dilution.
- **2030 Vision**: 300M oz gold, 450M lb copper annual production by decade's end.


**【CEO Summary Section】**
- McEwen Mining reported a net loss of $0.5 million in Q3 2025, compared to $2.1 million in the prior year, driven by capitalization of Los Azules costs post-feasibility study approval.
- Adjusted EBITDA was $11.8 million, up from $10.5 million, reflecting operational efficiency improvements.
- The company is targeting $250-300 million in annual gold production by 2030, with Los Azules expected to contribute 450 million pounds of copper annually.
- Gold and copper prices remain robust, with copper gross margin at 64% at current prices.

**【CFO Commentary】**
- Cash balance of $51 million and $24 million in marketable securities support near-term capital needs.
- El Gallo Phase 1 capital expenditure of $25 million will be partially financed through gold prepayment.
- 2026 capital allocation prioritizes Los Azules development and existing mine expansions.

**【Q&A Highlights】**
- Permitting delays at Froome mine resolved, with Q4 production on track post-stripping adjustments.
- Los Azules IPO expected in Q1 2026, contingent on market conditions.
- Gold Bar mine sequencing challenges resolved, with Q4 production returning to plan.
- Paragon Geochemical Labs acquisition to enhance assay efficiency, reducing cycle times from 4+ weeks to 2 days.


McEwen Inc. (MUX) Q3 2025 Earnings Call Transcript

- **2030 Production Target**: Doubling to 250,000-300,000 oz/year, backed by $51M exploration and 2.5-year resource growth.
- **Financial Strength**: $70M liquidity, $17.3M EBITDA, and 12x YoY EBITDA growth.
- **Project Milestones**: Grey Fox PEA (Q2 2026), Los Azules DFS (Q3 2025), and Canadian Gold restart (2027).
- **Strategic Moves**: Canadian Gold acquisition adds high-grade, low-cost Manitoba asset; Argentina regulatory reforms enhance copper project economics.
- **H2 Recovery**: Gold Bar production on track to meet full-year guidance, supported by leach pad inventory.


**【CEO Summary Section】**
- McEwen Mining aims to double annual gold/silver production to 250,000-300,000 oz by 2030, driven by exploration investments of $51M over 2.5 years.
- Q2 financial highlights: $54M treasury (vs $14M YoY), $17.3M adjusted EBITDA ($0.32/sh), and $62M working capital (vs negative $7M YoY).
- Key catalysts include resource updates at Nevada's Timberline, Windfall/Lookout Mountain permitting, and Grey Fox pre-feasibility study (Q2 2026).
- Acquired Canadian Gold Corp, adding high-grade Manitoba project with existing infrastructure.

**【COO Production Update】**
- Q2 production slightly below target due to manpower and stripping delays at Gold Bar, but H2 catch-up expected via leach pad inventory.
- Froome mine life extended to Q3 2026 after high-grade discovery (36g/m over 10m), with ramp development exceeding 6m/day.
- Grey Fox PEA to be completed in Q2 2026, targeting 200,000-250,000 oz/year with underground and open-pit phases.

**【M&A and Project Updates】**
- Canadian Gold's Tartan project: 240,000 oz resource at 6.3g/t, with 27,000m drilled in 4 years. Restart plan includes $3M dewatering and existing 500t/day mill infrastructure.
- McEwen Copper's Los Azules: Feasibility study due Q3 2025, with RIGI application revised to streamline approval. Argentina eliminated copper export duties (0% vs 4.5%-8%).

**【CFO Financial Commentary】**
- Q2 cash position: $54M (treasury) + $16M marketable securities = $70M total liquidity.
- $13M inventory build in H1 (Gold Bar leach pad, circuit stock). $20M+ realized gold to be released in Q3/Q4.
- Bonds trading well above par; no immediate debt repayment plans, prioritizing M&A and organic growth.

**【Q&A Highlights】**
- **Production Recovery**: Gold Bar expected to meet full-year guidance despite Q2 underperformance; July production strong.
- **M&A Strategy**: Balance M&A with organic growth; Canadian Gold acquisition leverages existing infrastructure for quick restart.
- **Los Azules Feasibility**: No capital raise needed; RIGI approval expected within 1-3 months, aligning with Q3 DFS release.
- **Canadian Gold Timeline**: PEA and resource update by end-2025, targeting 2027 restart with 500t/day operation.
- **Argentina Regulatory**: Decree 563 eliminates copper export duties, complementing RIGI's 0% duty after 3 years.


McEwen Mining, Inc. (MUX) Q2 2025 Earnings Call Transcript

- **Cash Position Strengthened**: Q1 2025 cash surges to $68.5M (vs. $17.5M prior), net debt reduced to $42M.
- **Gold Bar Outperformance**: +10% production, 24% lower cash costs, despite high AISC due to strategic stripping.
- **Fox Complex Milestones**: Stock mine underground production Q4 2025, Grey Fox development study underway.
- **Financial Transformation**: Completing Los Azules feasibility study will capitalize $250M+ in historical costs, turning Q1 loss into profit.

**【CEO Opening Remarks】**
- **2025 Year-to-Date Highlights**: Higher gold, silver, and copper prices have improved operational outlook. A capped call convertible note increased liquidity, with funds allocated to Fox Complex development. 2030 production target of 225,000-255,000 oz/y (~80%+ increase) contingent on Fox Complex expansion.
- **Gold Bar Performance**: Q1 production +10% vs. budget, cash cost $1,146/oz (24% below annual guidance low). High AISC ($2,200/oz) attributed to accelerated stripping to access high-grade zones, with $7.5M one-time cost to reduce 2H25 AISC.
- **Financial Strength**: Q1 2025 gross profit +68% to $10.1M, adj. EBITDA +38% to $8.7M, cash +350% to $68.5M, net debt reduced to $42M (vs. $40M total debt at 6% cost vs. prior 9.75%).
- **Fox Complex Challenges**: Q1 production below budget, but operational issues expected to resolve in 2H25. Permit secured for Stock mine ramp, with underground production expected Q4 2025.

**【CFO Financial Update】**
- **Q1 2025 Financials**: 
  - Revenue: $10.1M (vs. $6.0M prior)
  - Adj. EBITDA: $8.7M (vs. $6.3M prior)
  - Cash: $68.5M (vs. $17.5M prior)
  - Net Debt: $42M (vs. $40M total debt at 6% cost)
- **Future Financial Impact**: Completion of Los Azules feasibility study (summer 2025) will capitalize $250M+ in historical McEwen Copper expenses, turning Q1 2025 net loss of $6.3M into a $2.3M profit.

**【Q&A Key Takeaways】**
1. **McEwen Copper Liquidity**: < $10M currently, with additional financing needed for feasibility study completion (target July 2025). 
2. **San José Dividends**: Hochschild balancing reinvestment vs. returns, with Q1 $2.2M dividend and more expected this year at current commodity prices.
3. **Fox Complex Development**: 
  - Stock mine: Underground production Q4 2025, with ramp completion late Q3/early Q4.
  - Grey Fox: Evaluating underground vs. open-pit options, with surface ore accessible within months of permitting. Permitting timeline: 1.5-2 years (optimistic) vs. historical 3 years.
4. **Grey Fox Costs**: Capital and operating costs under study, with potential for 3,000-5,000 tpd throughput and integration with Stock mill.

**【Closing Financial Note】**
- **Feasibility Study Impact**: Capitalizing McEwen Copper expenses will remove $6.3M Q1 2025 loss, turning it into a $2.3M profit. Historical $250M+ in expenses (2021-2024) will be capitalized, significantly improving financial statements.

McEwen Mining, Inc. (MUX) Q1 2025 Earnings Call Transcript

- **Adjusted EBITDA Soars**: 380% YoY increase to $29.2M, driven by 24% higher gold prices despite 12% lower production.
- **Los Azules Valuation**: $984M (46% ownership → $457M, or $8.47/share), with feasibility study due June 2025 and potential IPO post-RIGI approval.
- **Fox Complex Expansion**: 2027 target of 60K oz/yr, with potential 4-5x expansion to 130-150K oz via Grey Fox.
- **Timberline Permitting**: 3-5 years for BLM land, faster for patented claims (permits by mid-2025).
- **AISC Guidance**: 2025 at $1,700-1,900/oz, expected decline post-2025.
- **Rio Tinto Risks Mitigated**: 17.5% ownership with no squeeze-out provisions.
- **Gold Price Sensitivity**: $3,000/oz could add $10M/year via incremental production.


**【CEO Opening Remarks】**
- 2024 production: 135,884 gold equivalent ounces (-12% YoY), but selling price up 24%, driving adjusted EBITDA to $29.2M ($0.57/share), a 380% increase vs. 2023.
- Net loss of $43.7M due to $47M equity accounting charge for Los Azules, plus $19.8M in exploration and $10M depreciation.
- Los Azules now valued at $984M (46% ownership → $457M, or $8.47/share), with feasibility study due June 2025 and potential IPO post-RIGI approval.
- Fox Complex exploration expanded resources to 2M+ oz, targeting 60K oz production in 2027 (up from 2024's 135K oz), with potential 4-5x expansion to 130-150K oz via Grey Fox.
- Gold Bar production to 225-250K oz/yr with Fox expansion and Timberline integration.

**【Michael Meding: Los Azules Update】**
- 2024 achievements: 51,000m drilled, 90% project completion, environmental permit granted, and 3,500+ community participants in 61 meetings.
- Feasibility study on track for June 2025, with engineering 90% complete and UN Global Compact membership.
- RIGI approval expected in 2-4 months; 45-day review clock paused for info requests, with final response due March 2025.

**【Q&A Highlights】**
1. **Timberline Integration**: 
   - Permitting timeline: 3-5 years for BLM land, faster for patented claims (permits by mid-2025).
   - Gold Bar production to 2030, Fox expansion to 60K oz/yr in 2027.
2. **Los Azules Financial Impact**: 
   - Without Los Azules charges, 2024 net loss would be ~$3-4M; feasibility study completion will allow capitalization of costs under US GAAP.
   - 2025 AISC: $1,700-1,900/oz (Fox and Gold Bar), expected to decline post-2025.
3. **Rio Tinto Risks**: 
   - Rio holds 17.5% in McEwen Copper via Nuton, with no squeeze-out provisions.
   - McEwen Copper's shareholder rights agreement protects against dilution.
4. **Gold Price Sensitivity**: 
   - At $3,000/oz, incremental production increases could add $10M/year; 2025 capex to prioritize high-margin projects.

**【Key Financials】**
- 2024 Debt: $130M (vs. $40M prior) via capped call convertible debenture at 100% premium to $8.60/share.
- Cash: ~$62M, allocated to Fox and Gold Bar expansion.
- San Jose mine dividend expected from higher metal prices.


McEwen Mining (MUX)-18 Mar 25-2024 Q4 Earnings call transcript

McEwen Mining (MUX)-6 Nov 24-2024 Q3 Earnings call transcript

McEwen Mining (MUX)-8 Aug 24-2024 Q2 Earnings call transcript

McEwen Mining (MUX)-9 May 24-2024 Q1 Earnings call transcript

McEwen Mining (MUX)-1 Mar 24-2023 Q4 Earnings call transcript

- **Share Price Surge**: +133% YTD, driven by McEwen Copper's $400M financing from Stellantis and Rio Tinto.
- **Project Milestones**: Los Azules feasibility study due Q1 2025; McEwen Copper stake now valued at $800M.
- **Operational Turnaround**: Fox Mine gold production up 86% YTD; Gold Bar recovery tripled to 210 oz/day.
- **Cost Management**: Fox mine cash flow positive; Gold Bar to break even Q4. 2024 costs expected to align with guidance post-leach pad permit.
- **Strategic Shift**: Ceasing McEwen Copper consolidation in Q4, freeing $100M unrealized gain and reducing expenses.

**【Management Opening Remarks】**
- **Share Performance**: McEwen Mining's share price increased 133% from September 2022 to Q3 2023, outperforming major indices and precious metals. This growth was driven by McEwen Copper's $400 million private equity raise, with 75% from Stellantis and Rio Tinto.
- **Los Azules Project**: Post-winter operations resumed, with plans to complete a feasibility study by Q1 2025. McEwen Copper's implied value rose to $800 million, valuing McEwen Mining's 47.7% stake at $382 million ($7.48 per share).
- **Gold/Silver Mines**: Production improved across all mines:
  - Fox Mine Complex: Gold production up 86% YTD to 45,500 oz.
  - Gold Bar: Daily gold recovery increased from 50 oz to over 210 oz by late October.
  - San José: Consistent production growth.
- **Cost Management**: Fox and San José mines generating positive cash flow; Gold Bar expected to do so in Q4. FY23 cost guidance for Fox is on track, while Gold Bar and San José may exceed by 10-15% due to exploration and leach pad expansion costs.
- **Financial Shift**: Q4 2023 will see McEwen Mining stop consolidating McEwen Copper's financials (due to <50% ownership), reducing expenses and creating a $100 million unrealized capital gain.

**【Q&A Highlights】**
- **Gold Bar Costs**: 2023 costs elevated by $10 million in exploration and $7 million leach pad construction. 2024 costs expected to align with guidance as production ramps up post-leach pad permit approval.
- **Fox Mine Efficiency**: Q3 2023 cost reduction to $1,300/oz driven by higher production (1,400 tpd) and improved grades (4g/t). Sustained into Q4 with stable processing.
- **M&A Strategy**: Open to acquisitions in Americas, prioritizing low-cost, permit-ready assets with exploration potential. No immediate plans due to focus on current operations.
- **Cash Position**: Parent company cash expected to grow post-McEwen Copper deconsolidation. Flow-through shares may be used for exploration if share price remains undervalued.
- **Los Azules Transition**: McEwen Mining will retain operational control until market conditions justify partnering with a major mining company, likely after feasibility study completion.


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