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.
According to the press release, the Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its feasibility study results were announced in the press release dated October 7, 2025. The project is located in San Juan province, Argentina, a region that hosts some of the country’s largest copper deposits.
McEwen Copper is a portfolio company of McEwen Inc., which trades on both the NYSE and TSX under the ticker MUX. McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are 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.
The company holds a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project. 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).
In addition to its mining operations, 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.
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.
The appointment of Societe Generale marks a significant step toward financing the Los Azules project, which could have major implications for the copper industry. As demand for copper grows due to electrification and renewable energy, the development of large, sustainable copper mines like Los Azules is critical. The project’s focus on regenerative mining and carbon neutrality sets a new standard, potentially influencing industry practices worldwide. For investors, the successful financing and development of Los Azules could significantly enhance McEwen Inc.’s valuation, given the implied value of its ownership stake.
