McEwen Inc.

It has fundamentally changed the investment framework for mining in Argentina, and we were among the first to secure these benefits. In October 2025, we released the results of our feasibility study, and I want to walk you through the headline numbers because they tell a compelling story. The base case at $4.35 per pound of copper gives us an after-tax NPV at an 8% discount of 1%. $2.9 billion, a 19.8% RR and a payback of 3.9 years. The project is designed for a 22-year life of project with an average copper cathode production of 205,000 tons per annum in the first five years and 148,000 tons per annum of the full life. Our C1 cash cost comes in at $1.71 per pound and all in sustaining costs at $2.11 per pound. placing Los Azules firmly in the lower half of the global cost curve. But here is what really excites me. At today's copper price of around $5.80 per pound, the economics are dramatically stronger. The NPV more than doubles to $6.3 billion. The IRR jumps to 30%, and the payback shortens to just 2.7 years. The NPV to CapEx ratio moves from just under 1 to 2. Every dollar increase in the copper price adds roughly $2.3 billion to the project NPV. For Max shareholders, that translates to approximately $18 per share of additional value for every dollar move in copper. Importantly, the feasibility study also identified significant upside beyond the base case. There is potential for an additional 33 years' life of mine, adding another 141,000 tons per annum of copper production through either Rio Tinto's Newton technology or a commercial concentrator. When you consider that full potential, you are looking at one of the largest and longest-lived copper assets globally. I want to emphasize something that makes Los Azules stand apart. This project has been designed from the ground up as low-impact operation. Compared to a conventional mine of similar scale, Los Azules is expected to use one-quarter of the water, produce one-tenth of the carbon emissions, and has the potential to operate on 100% renewable power. There are no conventional tanning stems. We produce a finished copper cathode on site, which can be delivered directly to industry. This matters enormously in the current environment. Off-takers, financiers, and governments are all increasingly focused on the sustainability credentials of their copper supply. Los Azules is positioned to be a supplier of choice in a world that demands responsibly produced copper. We've also been building the institutional framework around the project. The International Finance Corporation, a member of the World Bank, has signed a collaboration agreement with McEwen Copper to align Los Azules with IFC's environmental standards, social and government standards. This agreement also provides IFC with customary rights to act as a lender or arranger for prospective project financing going forward. Having the IFC at the table is a strong signal of the caliber of project we are building. Looking ahead, Our team is continuing detailed engineering work and we are targeting a final investment decision by the end of 2026, with construction targeted to begin in early 2027, obviously subject to project financing. We are well on track. On the financing front, we are seeing strong interest from multiple categories of capital providers, export credit agencies and development finance organizations in particular, have shown meaningful appetite to support a project of this profile, large-scale, long-life, responsibly designed, and located in a region-qualifying jurisdiction. We are advancing conversations with the IFC and other institutions, and we are actively preparing optionality for full financing packages that gives us flexibility in how we fund construction. At the same time, we are currently evaluating the ideal timeframe for an IPO of McEwen Copper in connection with these ongoing financing discussions. The combination of a completed feasibility study, secured regulatory framework, strong copper fundamentals, and interest from institutional capital providers give us the right conditions to consider a public listing that would unlock value for shareholders and provide additional avenue to fund the project's developments. Let me step back for a moment and talk about why the timing for Los Azules could not be better. We are building this project into what I believe is the strongest structural backdrop for copper that we have seen in a generation. Copper is trading above $5.80 per pound today, near record highs. LME prices surged past $14,500 per metric ton earlier this year. Major banks are forecasting prices to remain elevated. JP Morgan expects an average of around 12,000 tons per ton for 2026. Goldman Sachs has raised its forecast to approximately $11,400 per ton. There is structural deficit forecasted going forward on significant growth and overall worldwide declining rates. What is driving this? Three converging megatrends. First, the explosives built out of AI data centers. JP Morgan estimates data centers' copper demand alone will reach approximately 475,000 tons in 2026, growing rapidly year over year. A single large AI data center can require up to 50,000 tons of copper. Second, the electrification of transport, electric vehicles, use nearly three times the copper of a commercial car, and EV adoption continues to accelerate. Third, the massive investment needed in grid infrastructure and renewable energy to power all of that. Power grids worldwide need to be expanded and modernized to support all this demand. On the supply side, we have real constraints. Mine disruptions have tightened significantly. Declining ore grades, permitting timelines averaging 15 to 17 years from discovery to production, and a weakening discovery pipeline all point to sustained structural deficits. S&P Global projects that copper supply could fall 10 million tons short of demand by 2040. This is precisely the environment in which large-scale, shovel-ready copper projects like Los Azules become extraordinarily valuable. The world needs new copper supply. And there are very few projects of our scale and quality anywhere in the development pipeline. Investor sentiment toward copper equities has shifted meaningfully over the past year, and rightly so. The market is recognizing that we are at the beginning of a multi-year super cycle driven by electrification and AI infrastructure. Copper is no longer just industrial metal. It is a critical enabler of the energy transition and the AI revolution. Now consider this. Of the 20 largest undeveloped copper deposits in the world, nearly all are either controlled by major mining houses or effectively stranded by permitting and political roadblocks, some for decades. Los Azules, to our knowledge, is the only that is independently held, fully permitted, has a completed feasibility study with costs in the lower half of the global cost curve, has its regulatory framework locked in, and is advancing toward a final investment decision this year. For investors looking for direct exposure to a world-class copper asset before construction begins, there's simply nothing else like it in the public markets. For those of you evaluating McEwen Copper's value within Max, I would point to you the most recent private financing, October 2024, which valued McEwen Copper at $30 per share, implying an overall market value of $987. But since then, we have secured the environmental permit for construction and operations. We have secured the REGIE and we have secured the feasibility study with strong economics, significantly de-risking and increasing the value for the project. Let me close by bringing this all together. Los Azules is one of the world's largest undeveloped copper deposits. In 2025, we de-risk it through REGIE approval and a strong feasibility. We have a clear path to the final investment decision. The project's environmental design positions it as a next-generation mine. and we are building it into the strongest copper market in decades. Los Azules has the potential to become a generational copper asset, one that will deliver value for shareholders for decades to come. Thank you. I hand it over back to Rob. Thank you, Mike.

Excellent. I'd just like to say, one, we have some questions I'd like to answer. And we, through these presentations, covered off some of the questions. One, Terry... was asking to provide more information on the IPO for McEwen Copper, which we're looking at later this year when we, as Mike said, complete several other tasks. Steve was asking also about Los Azules and about the milestones, and I think that was well covered off by Mike. He also had a question about Goliath Resources, which we purchased an interest in. The rationale, it's a rich gold deposit in British Columbia. It's had a high success level in its drilling. It looks like a resource that would grow. And buying into juniors was a strategy I used when building Gold Corp. I used that as a... It served as a listening post and also one day could be a member of a farm team. but it also provided us with capital growth that allowed us to fund our expansion of production. We have John from Minnesota, and he's asking about our silver production, and I'll ask Ian to talk about that.

Yes, so regarding John's question, he was asking what is our current attributable silver production. Right now we have silver just coming from our San Jose mine with with Hochschild, and our portion of that is approximately 3.6 million ounces of silver. Oh, sorry. That's the total production. Ours is half. And we then convert that to gold equivalent when we report our production. And we're doing that right now based on a silver to gold ratio of 77 to 1. So that's a good question because it's not quite clear when you look at our news release. So if you take half of the 3.6, that's currently what we're producing in terms of silver. You know, how does that evolve over the years where our next source of silver production comes from what we're calling El Gallo Phase 2? So that is obviously after El Gallo Phase 1, and we're looking at approximately 3 to 4 million ounces of silver production there, which is 100% owned. In terms of how we look at rationalizing these, obviously we do it based on, you know, gross profit margins, but also in terms of where things are practically in terms of capex and permitting. So the one things we are currently looking at is if the silver price environment was to remain as strong as what it was and the margins as robust, we are looking at ways that somehow you could accelerate these phase two silver production closer to today and deferring some of the gold production coming from at El Gallo. So, we are working on that to try to maximize the profitability of the operations, but a lot of that obviously is driven by the silver price. Just looking at the last question here. The last question that came from John was whether the company has considered a silver dividend. Right now, just based on the optics of that, no, it probably would be logistically be very difficult for us to issue a dividend in silver. I think, you know, first and foremost, if we were to implement a dividend policy, it would start with cash and then proceed from there. I know when Rob was running Goldcorp, when I was running Avid Tibia, I'm not saying I copied his strategy, but we did copy his. That was to pay a monthly dividend. And I think that's something that, you know, here we're looking to eventually strive towards while balancing our growth needs.