McEwen Inc. (NYSE: MUX) (TSX: MUX) announced 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 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. This appointment marks a significant step in de-risking the project and securing the necessary capital to bring it into production.
The Los Azules copper project, located in San Juan province, Argentina, is designed to be one of the world's first regenerative copper mines and aims to achieve carbon neutrality by 2038. Its feasibility study results were announced in a press release dated October 7, 2025. The project is a key asset for McEwen Inc., which holds a 46.3% interest in McEwen Copper. 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).
McEwen Inc. provides shareholders with exposure to a growing base of gold and silver production, in addition to this large copper development project. The company's gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, USA; 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 assets, 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 crucial development for the Los Azules project, as it moves closer to construction. The involvement of a major financial institution like Societe Generale signals confidence in the project's viability and its alignment with global trends toward sustainable mining. The financing package, which includes export credit agency support and multilateral facilities, reflects the growing importance of environmental and social governance criteria in project financing.
For investors, this news reinforces McEwen Inc.'s position as a diversified mining company with a strong focus on copper, a metal critical for the energy transition. The successful financing of Los Azules could unlock significant value for shareholders, given the project's scale and its potential to produce copper with a low carbon footprint.
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