(MUX) McEwen Mining Inc. Business Model Canvas Research

Smelters and refiners turn McEwen Mining Inc.’s gold and silver doré into saleable metal, so they sit at the core of pricing, settlement, and shipment. For precious metals, this step is mandatory: mined output is not fully marketable until it passes assay, refining, and final acceptance.

• Convert doré to market-grade metal
• Set final payable ounces and deductions
• Support pricing and logistics timing

McEwen Mining Inc. depends on local communities and Indigenous groups because its assets span three countries, so social license is key for access, hiring, and permit risk. Strong ties matter most in exploration and expansion, where delays can raise costs and stall projects; on the company’s 2025 path, that support helps keep multi-jurisdiction operations stable.

• Three-country footprint raises social license needs
• Community support helps hiring and access
• Indigenous engagement reduces permit and expansion risk

Los Azules is McEwen Mining Inc.'s key long-life copper growth engine in Argentina, where work focuses on technical studies, resource growth, and de-risking the project. A 2023 PEA outlined 322 million lb of copper cathode a year over a 27-year mine life, with measured and indicated resources at 10.9 billion lb of copper.

• Large copper growth option
• Study, drill, and de-risk work
• Beyond precious metals exposure

McEwen Mining must keep tight environmental and safety controls across reclamation, water, waste, and worker safety, because mining permits depend on it. These costs also protect long-life assets by limiting shutdown risk, fines, and cleanup liabilities.

• Protect licenses to operate
• Manage reclamation and waste
• Reduce safety and spill risk

Los Azules is McEwen Mining Inc.'s copper growth asset in San Juan, Argentina, and it pushes the company beyond gold and silver. Copper matters here because the metal traded near $4 per lb in 2025, while the project was still positioned as one of the larger undeveloped copper deposits in the region.

• Strategic copper exposure
• Located in San Juan, Argentina
• Expands beyond gold and silver

McEwen Mining Inc.'s 49% stake in San José gives it direct production exposure in Argentina, while its exploration portfolio spans mineral rights and land positions in Argentina, Canada, Mexico, and the United States. These assets are key because they secure access to future ounces, optionality on new discoveries, and long-term mine life.

• 49% San José production interest
• Exploration land in four countries
• Mineral rights support future growth

McEwen Mining Inc. keeps full control of key assets like Gold Bar, Black Fox, El Gallo, and Fenix, so it can set mine plans, capex, and operating priorities without a partner’s approval. That makes value capture cleaner: if a project outperforms, McEwen Mining keeps 100% of the upside, margin, and asset value.

• 100% owned core mines
• Stronger operating control
• Full upside from success

McEwen Mining ties operating mines to exploration and development assets, so each discovery can move into extraction and sales without building a new platform from scratch. That pipeline helps replace mined ounces over time and supports longer mine life across the portfolio.

• Discovery feeds mine development
• Sales cash funds new drilling
• Helps replace mined ounces

McEwen Mining Inc.’s community engagement helps secure permits and social acceptance across 3 key jurisdictions: Nevada, Ontario, and Argentina. The company must keep local stakeholders aligned on jobs, land use, and environmental controls, because strong community ties reduce disruption risk and help protect operating continuity.

• Supports permits and local buy-in
• Addresses jobs, land, and environment
• Protects continuity through trust

McEwen Mining keeps regulatory reporting tight because mining sites must file on safety, environment, and production in the United States, Canada, and Argentina. This links the Company directly with local authorities, and its 2024 Form 10-K shows the operating footprint spans 3 countries, so filings stay country-specific and continuous.

• Safety, environment, production filings
• 3 operating countries to report into
• Authority-led, ongoing compliance checks

McEwen Mining Inc. uses investor presentations and conferences to explain its 3 producing assets, 1 development project, and 2025 operating plans, so analysts and institutions can judge mine progress and capital needs. These events help build credibility with capital providers by turning strategy into clear updates on production, costs, and funding.

• Shares asset and strategy updates
• Reaches analysts and institutions
• Supports market credibility

Site visits and technical data rooms are core channels for McEwen Mining Inc. because mining investors and partners need to inspect assets, reserves, permits, and project risks in person before committing capital. They also support financing and JV talks by organizing drilling, resource, and technical files in one place.

• Used for due diligence
• Checks reserves and projects
• Supports funding talks
• Builds partner trust

Institutional and retail investors finance McEwen Mining Inc. through equity valuation and trading liquidity. In 2025, the company guided to 135,000-145,000 gold-equivalent ounces, so this segment tracks production, exploration, and Los Azules development closely because it drives capital access.

• Funds equity and liquidity
• Tracks 2025 GEO guidance
• Watches project milestones

McEwen Mining Inc. reaches joint-venture and project counterparties through its 49% San José interest, which gives it exposure to shared project economics with a partner-led structure. These counterparties can include operators and financing parties, and the setup helps spread development risk while preserving upside from production assets that generated 2024 revenue of $172.1 million.

• 49% San José JV exposure
• Partner, operator, lender mix
• Shared risk, shared project economics

Ore at McEwen Mining Inc. must be crushed, processed, and hauled to market, so power, diesel, reagents, and freight sit directly in unit costs; in hard-rock mining, energy alone can run about 10%-30% of site operating cost, which moves realized margins fast.

• Crushing and milling use the most power.
• Fuel and freight hit cash costs.
• Higher reagent prices lift unit costs.
• Lower throughput weakens margins.

McEwen Mining Inc.’s G&A, royalties, taxes, and reclamation costs cover head office overhead, permit fees, site royalties, and local taxes, plus the cash set aside to close and restore mines. These costs run for the full mine life, so they can stay material even when production slows; in 2025, the biggest pressure points were fixed corporate spend and closure funding needs.

• Head office and permit costs
• Royalties and mining taxes
• Reclamation and closure funding
• Costs last through mine life

Los Azules is McEwen Mining Inc.'s long-term copper option: it is not yet producing, but any future mine would add copper to a portfolio that in 2025 still depends mainly on gold and silver. Its value is tied to project milestones and copper prices, which averaged about $4.15/lb in 2025 and support new supply if development advances.

• Future copper revenue, not current cash flow
• Expands commodity mix beyond gold and silver
• Depends on permits, capex, and copper demand

McEwen Mining Inc. can sell by-products and concentrates from its ore streams, not just primary gold. That lifts realized value per tonne by turning silver and copper credits into extra revenue, and it reduces reliance on one metal price.

• By-product sales add cash without new ore.
• Concentrates can boost unit value.
• Income mix is less tied to gold.