McEwen Inc. (NYSE: MUX) (TSX: MUX) announced today that its 46.3%-owned portfolio company, McEwen Copper, has appointed Societe Generale as sole financial advisor to structure and arrange project debt financing for construction of the Los Azules copper project in San Juan province, Argentina. The financing package is expected to include a mix of export credit agency support, commercial bank debt, multilateral and development finance institution facilities, and potential capital markets instruments as the project advances toward development.
The appointment marks a critical step in advancing the Los Azules project, which is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). The project's feasibility study results were announced in a press release dated October 7, 2025.
McEwen Inc. provides its shareholders with exposure to a growing base of gold and silver production, in addition to the large copper development project. The company's gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
In addition to its mining interests, McEwen recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay units around the world. The company believes this technology is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.
The appointment of Societe Generale is a significant milestone for McEwen Copper and the Los Azules project. By securing a top-tier financial advisor, the project is positioned to attract the necessary capital to move forward with construction, which could have substantial implications for the copper market and the local economy in Argentina. The financing structure being pursued, including export credit agency support and multilateral facilities, reflects the project's strategic importance and its alignment with global sustainability goals.
