McEwen Copper closes $240M term loan to advance Los Azules; FID expected mid-2027

McEwen Inc.

$240M senior secured 4-year term loan closed; Sprott $112M, Rob McEwen $85M, others $43M.
Interest at 12% p.a., payable monthly; prepayment fee 5% of remaining principal.
Proceeds to fund engineering and early works at Los Azules, Argentina; FID and full financing expected mid-2027.
Los Azules 2025-26 drilling >5,600m; geotech better than expected; EPCM contractor selection by Q4 2026.
McEwen owns 46.3% of McEwen Copper; royalty projected ~$1.4B undiscounted pre-tax cash flow.

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