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    McEwen Mining Inc (MUX)

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    Business Description

    McEwen Mining Inc. (MUX) is a mining and minerals production and exploration company focused on precious and base metals, including gold, silver, and copper. The company operates across the Americas, engaging in the production, sale, exploration, and development of mineral properties. Its operations are geographically diverse, with key assets in the United States, Canada, Mexico, and Argentina, and it holds interests in both producing mines and advanced-stage development projects.

    1. USA - Operates the Gold Bar Mine in Nevada, a key gold-producing asset, and manages exploration projects such as Elder Creek.
    2. Canada - Manages the Fox Complex in Ontario, which includes the Froome mine and Stock mill, and oversees additional exploration properties.
    3. Mexico - Develops the Fenix Project in Sinaloa, an advanced-stage gold and silver project.
    4. Minera Santa Cruz (MSC) - Holds a 49% interest in the San José Mine in Argentina, a producing silver-gold mine operated by Hochschild Mining plc.
    5. McEwen Copper - Focuses on copper exploration and development, including a 46.4% interest in the Los Azules Copper Project in Argentina.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Robert R. McEwenChairman of the Board and CEOAugust 18, 2005Robert R. McEwen has over 30 years of experience in the mining industry. He previously served as CEO of Goldcorp Inc., guiding it from a start-up to a senior gold producer.
    Perry IngInterim Chief Financial OfficerJune 6, 2022Perry Ing is a CPA, CFA, and Chartered Professional Accountant. He previously served as CFO at McEwen Mining (2008–2015) and held CFO roles at Kirkland Lake Gold and Mountain Province Diamonds.
    William ShaverInterim Chief Operating OfficerJune 2022William Shaver has over 50 years of experience in mine design, construction, and operations. He was a founder of Dynatec Corporation and served as COO of INV Metals until its sale in 2021.
    Carmen DigesGeneral Counsel and Corporate SecretaryAugust 2015Carmen Diges holds a CFA Charter, a Master of Laws (Tax), and a Bachelor of Laws. She was previously a partner or principal at various law firms in Toronto, Canada.
    Stefan SpearsVice President, Corporate Development2019Stefan Spears holds a B.Sc. in civil engineering. He previously served as VP of Projects (2008–2012) and rejoined McEwen Mining in 2015 to focus on special projects before assuming his current role.
    Jeffrey ChanVice President, FinanceJanuary 2023Jeffrey Chan has over 15 years of experience in finance and accounting. He previously served as CFO at Andean Precious Metals and held finance roles at Orvana Minerals and other companies.

    Questions to Ask Management

    1. With the feasibility study for Los Azules still pending and no definitive capital-raising plans disclosed, how do you intend to finance the project's development without further straining the company's balance sheet?

    2. Despite higher production levels at Gold Bar over the past two quarters, you expect 2025 production to be similar due to increased stripping; what specific operational strategies are you implementing to convert this additional mining activity into higher gold output and profitability?

    3. All-in sustaining costs at Gold Bar and Fox significantly exceeded your target ranges in Q3 ($1,822 vs. $1,650–$1,750 at Gold Bar and $1,953 vs. $1,450–$1,550 at Fox); what concrete measures are you taking to reduce costs and align actual performance with your cost guidance?

    4. Given that you've been approached by a potential buyer for the San Jose mine amidst stronger silver prices, are you actively considering asset sales to bolster your financial position, and what are the key factors influencing your decision-making process in this regard?

    5. Lower-than-expected grades at San Jose impacted your quarterly results; what steps are you taking to improve grade control and resource model reconciliation to prevent future discrepancies that affect production and financial outcomes?