Los Azules FS shows $2.9B NPV, 19.8% IRR, initial capex $3.17B

McEwen Inc.

After-tax NPV(8%) $2.9B, IRR 19.8%, payback 3.9 yrs; initial capital $3.17B at $4.35/lb Cu.
Avg Yr 1-5 cathode production 204.8 kt/yr; LOM 148.2 kt/yr over 21 years.
C1 cash cost $1.71/lb, AISC $2.11/lb; capital intensity $1,600/t Cu LOM.
EIA approved Dec 2024; accepted into RIGI Sep 2025 (30-yr tax/currency stability).
72% lower carbon intensity than industry avg; 100% renewable power; no tailings dam; carbon-neutral by 2038.

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