NYSE, TSX: MUXUS$15.40+0.81 (5.6%)· Oct 27 close

World-Class Copper Project, Get Gold Upside for Free

MUX’s market value is US$0.95 billion. McEwen puts US$1.1 billion on its copper interests alone. The gold and silver mines come on top.

Get McEwen’s news releases by email Corporate presentation

Copper values are McEwen’s estimates at US$5 a pound copper and 0.45 times net asset value (presentation, Sept 23, 2026, slide 8). Market value: NYSE close on Oct 27, 2026, times 61.4 million shares outstanding (Sept 22, 2026). Not a price target.

Los Azules in the Andes of San Juan, Argentina, in 3D

Los Azules, San Juan, Argentina

Gold for Free

World Class Copper Project

MUX market value

NYSE & TSX: US$15.40 x 61.4 million shares, Oct 27, 2026

US$0.95 B

46.3% McEwen Copper

At US$5 a pound copper and 0.45x P/NAV

US$0.9 B

1.25% royalty on Los Azules

McEwen’s net smelter return royalty

US$0.2 B

McEwen’s copper interestsUS$1.1 B

MUX production of gold and silver

109k-120k koz

2026E gold equivalent ounces

250-300 koz

2030E gold equivalent ounces

+123%

For MUX to reach the peer average value per 2026 ounce (US$22,686)

2.3x

McEwen’s planned production increase from 2025 to 2030

Peers: presentation, Sept 2026, slide 10. Production: presentation, Sept 2026, slide 9; 2026 guidance revised Aug 5, 2026 (Q2 2026 results, Aug 5, 2026). Forward-looking; see the cautionary statement.

CRITICAL MINERAL: SIGNIFICANT CU OPTION

Los Azules holds 35.7 billion pounds of copper, and McEwen owns 46.3% of McEwen Copper, its owner

Value of MUX’s investment in Los Azules

McEwen’s share of Los Azules, per MUX share

US$23.06per MUX share

After-tax NPV (8%): US$2.9 billion
IRR: 19.8%
Payback: 3.9 years
McEwen’s 46.3%: US$1.4 billion

Copper price: US$4.35 a pound

Study price Sept 2026 US$6.68 3.484.355.226.096.967.838.70

At the study price, McEwen’s share of Los Azules is worth US$23.06 per MUX share. MUX closed at US$15.40 on Oct 27.

Los Azules Feasibility Study (Oct 2025) after-tax NPV at 8% at each copper price; McEwen’s 46.3% interest per MUX share as published by McEwen (presentation, Sept 2026, slide 18). A project value, not a share price forecast. Copper in Sept 2026: presentation, Sept 2026, slide 7.

26th

Largest copper producer in the world once running

Tailings dams; 100% renewable power

35.4%

Of McEwen Copper owned by Stellantis and Nuton, a Rio Tinto venture

2030

First copper cathode; construction decision mid-2027

Feasibility Study, Oct 2025; McEwen fact sheet, Sept 2026; release, Aug 27, 2026. Forward-looking; see the cautionary statement.

Why own MUX

HARD MONEY: AU & AG PRODUCTION250-300K GEOA year planned by 2030, up from 109,000-120,000 in 2026 CRITICAL MINERAL: SIGNIFICANT CU OPTION35.7 billion lbOf copper at Los Azules; McEwen owns 46.3% of McEwen Copper ASSET-RICH WITH EXPLORATION UPSIDE3.3 MozOf gold Measured & Indicated, and 4.4 Moz Inferred HIGH INSIDER OWNERSHIP BY CEOUS$293 MInvested by Rob McEwen, who owns 16% and takes US$1 a year ATTRACTIVELY PRICED & LIQUID TRADER1.4 MShares a day on the NYSE and TSX; in the Russell 2000

presentation, Sept 2026, slide 9; presentation, Sept 2026, slide 4; presentation, Sept 2026, slide 3; McEwen fact sheet, Sept 2026; Los Azules Feasibility Study release, Oct 7, 2025.

HIGH INSIDER OWNERSHIP BY CEO

Rob McEwen has invested US$293 million in McEwen, owns 16% and takes a salary of US$1 a year

US$293 Million

Personal investment, MUX and McEwen Copper, equity and debt at cost

16%

Ownership of MUX

US$1/Year

Chief Owner and Chairman’s salary

Proven Track Record

Goldcorp founder: grew its market value from US$50 million to US$8 billion
Total investments: US$140 million in MUX shares, US$20 million in MUX debt, US$48.5 million in McEwen Copper shares and US$85 million in McEwen Copper debt
Member of the Canadian Mining Hall of Fame and the Order of Canada; EY Ontario Entrepreneur of the Year (Energy); Northern Miner Developer of the Year

presentation, Sept 2026, slide 4

Get McEwen’s news releases by email Corporate presentation