Ladies and gentlemen, welcome to the 2025 Annual Meeting of Shareholders of McEwen Mining. Please note that today's meeting is being recorded. During the meeting, we'll have opportunities for questions. You can submit questions or comments at any time by clicking on the Q&A icon. To enter a question or comment, compose your question or comment in the lower field provided on the right of the screen, and then click send to submit. During the presentation, you'll be able to follow the slides on the left-hand side of the screen. To extend the slides to the full browser view, click the broadcast icon at the top right of the screen. To return to reduced view, click another icon at the top right corner of the screen. We'll begin with the formal part of the meeting, which will be followed by a company presentation.
It is now my pleasure to turn the meeting over to Rob McEwen, Chairman and Owner of McEwen Mining. Mr. McEwen, the floor is yours.
Thank you, Operator. Ladies and gentlemen, shareholders, interested investors, I'm delighted to welcome you to our 2025 Annual Meeting of Shareholders. Here's the agenda. Here's the agenda for the meeting. We're going to start with the formal part, and that's going to be conducted by our General Counsel and Secretary, Carmen Diges. I'm going to hand the meeting over to her right away, after which we'll continue with presentations.
Thank you, Rob. Good afternoon. My name is Carmen Diges, and I'm General Counsel and Corporate Secretary of McEwen Mining. At Rob's request and in accordance with our bylaws, I will act as Chairman of the Meeting, and Stefan Spears, Vice President of Corporate Development, will act as Secretary of the Meeting. A representative from Computershare will be acting as a scrutineer for this meeting and is also in attendance. Today's virtually only meeting is a live webcast. As we believe in engaging with our shareholders, we hope that this virtual meeting will maximize the participation of shareholders regardless of their location. This technology enables us to reach a larger audience and encourages your participation. Thank you very much to everyone for participating in our virtual meeting today.
We will consider the election of directors for the ensuing year today, along with the proposed advisory vote on the compensation of our named executive officers, say-on-pay vote, the ratification of appointment of our independent public accountants, and approval of amendments to McEwen Mining's Second Amending and Restated Articles of Incorporation. For convenience, certain persons have been asked to propose and second resolutions. Shareholders do not need to vote if you've already voted by proxy, unless, of course, you wish to change your vote. All owners of record, as of the close of business on April 28, are entitled to vote at this meeting. Those wishing to vote would have received a ballot when they registered with the scrutineers and will need to sign in using the link provided online and the 15-digit control number provided on the proxy card that they would have received.
Should participants wish to post a question or comment, as our Operator has previously mentioned, they'll need to click on the Q&A icon above on their screens. Our Vice President of Corporate Development, Stefan Spears, will be managing questions for this meeting. Any questions pertaining to the business of the meeting will be addressed today. A complete list of the owners of McEwen Mining, as of the record date for the meeting, April 28, 2025, as required by Colorado law, has been on file at McEwen Mining's offices and was open to inspection by any owner of the corporation at our principal office and upon request by email since May 5th. The list is also available online for inspection by any interested owner.
I have an affidavit from Computershare Trust Company, our stock transfer agent, attesting that the notice of this meeting, proxy statement, annual report, and proxy were made or made available to all shareholders of record as of April 2025 in the manner prescribed by law on May 5th. Copies of these documents are available today to any owner who would like them. If you'd like a copy of the annual report or the proxy statement, the links are provided online. There are a total of 53,934,510 shares outstanding and entitled to vote at this meeting. I've received in the interim inspector's report on attendance. Our articles require that one-third of the outstanding shares entitled to vote at this meeting or quorum be present in person or by proxy, and on that basis, I declare that the quorum is present and the meeting is to the call.
Our first item of business today is the appointment of the scrutineer. I have appointed Computershare Trust Company of Canada to act as scrutineer for the purposes of tabulating votes at this meeting. The next item of business is the approval of the minutes of our last meeting, which was held on June 27, 2024. Copies are available for inspection by any interested owner. With your consent, I propose we dispense with the reading of these minutes. Is there any objection? You may submit as a reminder objections or questions online by clicking on the Q&A icon in the upper right of the meeting screen.
No questions or objections have been raised today.
Thank you. The polls have been open for voting since May 5th, 2025, and have remained open until 3:00 P.M. Eastern Time today, as declared in our proxy materials. We will vote on these matters by online ballot and provide an interim result of voting on each item of business today. Management believes it has sufficient proxies to carry each of the proposals, and as such, the outcome is expected in favor of management's recommendation for each resolution. If you did not vote by proxy and intend on voting at the meeting, and you have not yet been informed of the procedure for online voting, please read the online voting instructions available to shareholders by clicking on the documents icon on the meeting screen.
We'll now move to the election of directors, who are to serve until the next annual meeting of owners and until their successors are duly elected and qualified. Mr. McEwen, McEwen Mining's Chairman and Chief Owner, will now recognize the 11 persons nominated for election to our board.
Thank you, Carmen. The board has nominated the following persons to serve as directors of the corporation to hold office until the next annual meeting of McEwen Mining and until their successors are duly elected: Richard Brissiden, Nicolas Darveau-Garneau, Michelle Makori, William Shaver, Ian Ball, Dalia Asterbadi, Alfred Colas, John Florek, Steve Kaszas, Michael Melanson, and myself, Robert McEwen.
Thank you, Rob. Is there a second to the nominations?
I second the nominations.
The corporation has received no other nominations for directors in the manner prescribed by the corporation's bylaws. I therefore declare that the nominations for directors are closed. Is there any discussion regarding this matter? If so, please use the Q&A icon on your screen to communicate.
No questions or points of discussion have been raised.
Thank you, Stefan. We'll now move on to the next item of business, which is the approval of executive compensation. As stated in our proxy statement, prepared for the purposes of this meeting, adoption of this advisory resolution is not binding on our compensation committee or our board of directors. However, shareholders are encouraged to express their views through what is commonly referred to as say-on-pay as a vote on the compensation of our executives for the 2024 fiscal year. Since the approval of our executive compensation in 2022, we have not made any material changes to our executive compensation program, which is reviewed every three years. Unless the board modifies its policy on the frequency of future votes, we expect to have our next say-on-pay vote in the 2028 meeting.
Our compensation committee and board value your opinion as shareholders, and to the extent that there is any significant vote against the compensation of the named executive officers, we will consider our shareholders' concerns, and the compensation committee will evaluate whether any actions are necessary to address those concerns. Executive compensation for the fiscal year of 2024 is outlined in the proxy statement and is described more fruitfully under the heading "Compensation of Directors and Executive Officers: Compensation Discussion and Analysis." Our executive compensation programs are designed to attract, motivate, and retain our named executive officers, who we believe are critical to our success. If you would like a copy of the proxy statement, the link is provided online. I'll now call for a motion on the proposal.
I move that the following resolution be adopted: Resolve that the proposed advisory vote on the compensation of our named executive officers in the form substantially described in the proxy statement be ratified and approved.
Thank you, Rob. Is there a seconder to the motion?
I second the motion.
Thank you, Mihaela. You have now heard the motion. Is there any discussion regarding this matter?
No discussion.
Thank you. The next item of business before the meeting is the ratification of the appointment of Ernst & Young LLP, as auditors and independent registered public accountants of the corporation for the year ending December 31, 2025. The audit committee of our board of directors has approved the appointment of Ernst & Young LLP, and recommends ratification of their appointment to our shareholders. Robert McEwen will make the necessary motion to approve the auditors.
One second. Oh, sorry about that. I move that the following resolution be adopted: Resolve that the appointment of Ernst & Young LLP, as the corporation's independent registered public accountants for the year ending December 31st, 2025, be ratified and approved.
Thank you, Rob. Always a prickly point with you. Is there a second to the motion?
I second the motion.
You've now heard the motion. Is there any discussion regarding this matter?
No discussion on this motion.
Thank you. We'll now move to the next item of business, which is the proposal to approve the amendment to the corporation's Second Amended and Restated Articles of Incorporation to change its name from McEwen Mining to McEwen Inc. Management is proposing this name change amendment because it believes that McEwen Mining Inc does not adequately reflect other aspects of the corporation's business incidental to mining, such as innovation, an environmental commitment, or its extensive exploration and royalty portfolio. About many of these topics, about which you'll be hearing much more detail from our various speakers later today. If the shareholders approve the proposed name change amendment, it will become effective upon the filing of Articles of Amendment with the Colorado Secretary of State, which would be filed at some point in time after this meeting.
The name change will not have any significant effect on the rights of our existing shareholders, nor the validity or transferability of stock presently outstanding. Our common stock listed on the NYSE and the TSX under the symbol MUX will also remain the same. Any new certificates issued after the name change will bear the new name McEwen, sorry, McEwen Inc. It takes me a bit to get used to no mining. The foregoing summary of the material terms of the name change amendment is qualified in its entirety by reference to the Articles of Amendment, which are attached to the proxy statement as Schedule A. I'll now call for a motion on the proposal.
I'm back. I move that the following resolution be adopted: Resolve that the proposed amendment to the Second Amended and Restated Articles of Incorporation to change the corporation's name from McEwen Mining to McEwen Inc, as described in the proxy statement, be ratified and approved.
Thank you very much, Rob. Is there a second to the motion?
I second the motion.
Thank you. You've heard the motion. Is there any discussion regarding this matter?
No discussion on this matter.
Thank you. Are there any other items to be considered at this owner's meeting? If not, I would entertain a motion to terminate the meeting for McEwen Mining.
I hereby move that the meeting be terminated.
I second the motion.
Unless anyone is opposed, the formal portion of this meeting is now terminated.
No opposition to the motion.
I declare the meeting terminated. Thank you all for your time, attention, and patience. I'm now happy to turn the meeting back to Rob McEwen, who will chair the remainder of our meeting today. Thank you.
I would start by thanking our former directors who served us well for many years: Allen Ambrose, Robin Dunbar, and Mary Sanchez. I would like to introduce via this slide our board that has been elected this year. I would like to try something to show you the overlapping and complementary skill sets of our board today. This Venn diagram, a little complicated, but it shows Bill and Ian in operations, Ian with Steve and Michelle in terms of market knowledge, Ian and John in terms of exploration, Richard, Alfred, and Michael in financial and corporate and legal. This new area in yellow, John, Dalia, and Nicolas, skilled in IT I believe very strongly that not only is IT and AI going to usher in great change to all of our lives, but a very important element of the future of mining that we want to embrace.
Here we have, I'd like to introduce you to key members of our management team. They'll be presenting. You have their names listed in the agenda in the sequence that they're going to be presenting in. I just wanted to give you a spatial representation of where they are active by North and South America. As you're listening to the presentations, I'd like to ask your assistance. We're conducting a survey to get your feedback on the presenters' presentation skills and the content they're presenting. We're doing this seeking constructive criticism so that we can become more effective communicators with yourselves and with the market. You will find details for the survey on page 85, slide 85. It's a long way back, but you could do that at your leisure as we go forward. Here are the safe harbor statements, cautionary statements.
Basically, it sort of says, "Don't believe anything we say," but that's supposed to absolve us of any legal issues. I've always thought it was, something. Here we are. You're looking for an investment, and I want to tell you about it, and so does everyone else in this company. I'm a big believer in economic history, and I believe that people are at their peril if they do not think about economic history and that there are times that seem to be repetitions or very close proxies to what's happened in the past. I'd like to recommend, if you haven't read it, The Extraordinary Popular Delusions and the Madness of Crowds by Charles McKay.
That was written in the late 1800s, but it's very relevant today because it talks about the loss of knowledge of history and how we often commit the same mistakes repeatedly over time. The first lesson in history is going back to 1896. At that time, one of gold bought the Dow Jones. The stock market crashed in 1929. Eighteen s were needed to buy the Dow, and at the bottom of the depression in 1932, 2 oz bought the Dow. When they were running for conglomerates in the mid-1960s, it took 28 oz to buy the Dow. In 1980, only 1 oz bought the Dow. With the tech bubble, we saw 44 oz bought the Dow. We're now down at 13.
If we were to revisit, say, two oz buying the Dow based on today's gold price, you'd have to have a $20,000 gold price. Is that unreasonable? According to Pierre Lassonde, no. I have a $5,000 number. Pierre's at 20, but let's see. Commodities over the last 55 years, this is the lowest point commodities have been relative to financial assets. You can see there is a very pronounced cyclical trend here. We are at a point in time where commodities, particularly in the mineral business, there's been not a lot of investment in new mines. It takes a long time to bring one on stream. Yet we're in a world that is going through enormous turmoil. There are supply chains that are being disrupted, and the modern world needs metal to grow, to live.
Everything around here, you want to travel, you have to get on a plane, a train, a boat, a car. That's all made from metal. You're looking at AI being a big user of copper and critical minerals for defense. We're coming into a period that I believe is the start of a very strong market for commodities and for gold. Another graph going back to the 1900s, Crescat put this together, an investment group with a couple of other inputs. You can see that mining once was a much larger part of an investment portfolio. Here in 1900, it was 10%. In 1960, it was 11%. Today, it's estimated to be 1%. It's going to come back. When you're seeing sovereign states going out and trying to secure safe sources of long-term sources of supply, y ou're also seeing corporations, large corporations doing the thing.
That is going to push the prices up. Now let's look at gold going from 2010. Back in 2010, 2011, you can see these graphs. There is gold price and gold, the GDX, which is the senior gold producers ETF, and the GDXJ, which are the juniors. The GDX is blue, and red is the juniors. Right back in 2010, 2011, they were outperforming gold. We have seen that in a couple of other cycles. Right now, there is a huge divergence between the metal and the equities, but you see some sharp turning up right now of the equities. I believe we are entering into a very strong gold market. It is going to take a number of years to happen. We are going to see the gold stocks, and particularly the junior gold stocks, going right through the performance of the price of gold.
That happens to be where we are in McEwen Mining. We're coming roaring back. Here is our share price in September 2022. We're up 219% as of last night. You can see we've outperformed the Dow, the Nasdaq, copper, gold price. I think this is just the beginning. The first part of this performance, the last two- and- a- half years, was driven by the growth of our copper asset. That's still growing, but our gold assets are coming on stream. You're shortly going to hear from our key management group how those assets are going to grow and perform better than they have in the recent past. In terms of value, our copper project, we started financing it in August of 2022. We raised $82 million. I put up the first $40 million of that personally. That was done at $10 a share.
That gave a value of $3.25 per share of McEwen Mining. We did three other financings and have raised a““ total of over $450 million privately for the copper project. Based on the last project, on the last financing, there is a value of $8.47 behind every share of McEwen Mining, represented by McEwen Copper. I wanted to talk about McEwen Mining or McEwen Inc., effective now, that it's comprised of three separate assets. One is McEwen Copper, of which we own 46.4% of. We've done, this is an internal management estimate of value. Okay, we have McEwen Copper. We have portfolio royalties, six of them, and we have gold and silver assets. I mentioned the $8.47 just a moment ago. That was based on our last financing. That's the low value for McEwen Copper.
If we were to take 50% of the value that has been ascribed to two other copper projects that are in the same province in Argentina as us, they are the Lundin assets that joint- ventured with BHP. You get a $29 a share value. The royalty portfolio, the largest potential driver in there is a 1.25% royalty on Los Azules . Based on the PEA, that 1.25% over 27 years would generate over $400 million. We are valuing all six of those royalties at $35 million or $0.65 a share. The gold and silver assets, we took the enterprise value per ounce of gold produced. There is a peer group of five companies, and we took a 50% discount to that, come up with the $8.50, and we put a 50% premium on the peer group to get to the $24.
We're currently trading at about $9.50. I think we've got quite a bit of room to grow to get just to the low end. At the high end, it's considerably greater than where we're trading today. That's where we are. Now I'd like to ask Jeff Chan, VP Finance, to talk about where we are right now financially.
Thank you, Rob. Always a tough act to follow. Good afternoon, shareholders and guests of McEwen Mining. My name is Jeff Chan, and I serve as Vice President of Finance of the company. I'd like to begin with an overview of our current financial status. We've had an exciting 2025 so far in this metals price environment.
Our current cash position is approximately $51 million, and we have working capital of approximately $45 million, which is a significant improvement from December 2024 at $14 million and - $7 million, respectively. We recently closed on $110 million of convertible debt financing in February 2025 in order to provide capital to fund our growth plans, which we will update you on during this presentation. A cap call option was included in this financing to mitigate potential share dilution by effectively raising the conversion price from $11.25 to $17.30, representing a 100% premium over our closing share price on the day prior to the financing announcement. As these metrics might suggest, we had negative operating cash flow today as a result of budgeted production being weighted more heavily in the second half of 2025 as compared to the first half.
Despite this, our first quarter gross profit improved year-over-year, supported by a 31% increase in realized gold prices. As we project higher production through the remainder of 2025, we are poised to take advantage of record gold prices subsequent to our first quarter. Similarly, our first quarter adjusted EBITDA improved year-over-year to $0.16 per share, up from $0.13 per share. Adjusted EBITDA removes the impact of our portion of the investment in McEwen Copper's Los Azules project prior to the completion of its feasibility study. We believe this metric is important as it demonstrates the profitability of our producing operations, including our joint venture in the San Jos´´é mine. Next slide, please. Moving on to our guidance, we remain confident in our ability to safely maintain our 2025 annual production and cost guidance presented here.
As mentioned earlier, we plan for a strong increase to our production in the second half of 2025 on our prudently maintaining cost discipline to align our unit costs, which will decrease as production improves. At the Froome mine, part of the Fox Complex, our plans to enhance our workforce both internally and through the engagement of contract labor have shown early success with strong improvements in productivity in the second quarter of 2025 as compared to the first quarter. We are back on track to increase production through the remainder of the year, which will provide cash flow to support the continued development of the stock project.
At Gold Bar, we have recently completed the capital stripping phase of the Pick deposit, and as a result, expect gold productivity to now increase as planned for the remainder of the year from this deposit while we continue permitting the recently acquired Windfall and Lookout Mountain projects. At San Jos´´é, production remains on track to meet planned targets in 2025. However, we continue to monitor costs in conjunction with our operating partner, Hochschild Mining. While unit costs are elevated due to macroeconomic factors within Argentina, we forecast decreases in inflation after the fall midterm elections. Despite high unit costs, San Jos´´é recently delivered its first meaningful dividend in a number of years, and we expect San Jos´´é to continue to be profitable in this record gold and silver price environment.
As you will hear from our operations, we believe the actions we have taken in the first half of 2025 lay a strong foundation for long-term growth and shareholder value creation. The progress we have made at our operations positions us to capitalize on rising gold prices and development opportunities within our geographic portfolio. As always, we remain committed to operational excellence, prudent capital allocation, and transparent engagement with our shareholders, and we look forward to updating you on our performance in future quarters. I'll now pass things over to Bill Shaver, Chief Operating Officer, to lead our operational discussion. Thank you.
Good afternoon, and thank you very much, Jeff. My name is Bill Shaver. I'm the Chief Operating Officer, and as you heard earlier, I'm also on the board of McEwen Mining as well as McEwen Copper.
First of all, I'd like to underline some of the fundamental strengths of the organization. As we have shown over the last three to five years, we have excellent safety performance in all of our operations and exploration projects, and you'll hear more about that from the operators of the various mines that we're running. At the same time, we're looking after the environment in a very organized and professional way, again with excellent results in all operations. You'll also hear from our exploration people, both in Canada and the U.S., about our success in the exploration field on all of our projects, which is now allowing us to head towards 4 million oz of resources and reserves. As Jeff has mentioned, significant cash flow from operations are the result of doing a good job running the operation.
Of course, we're getting some help from the gold price. What we have to do going forward is build for the future at Stock and at Grey Fox, and also build for the future at Gold Bar and Timberline and see what we can do to work in Mexico on our El Gallo project, where we have some reserves left in the leach pad that we plan to mine. We also have a project there called El Gallo Silver, which at the right time will, I think, be built. This shows our operations extending well into the 2030s. Of course, we have our mega project in Los Azules that Michael Meding will speak to us about later in the presentations. Make no mistake, our greatest strength is our people.
If you're in the mining business, the people that you have working for you are the most important people in the organization. We recognize that as one of the strengths of the organization. What will happen in the next five years in Timmins? At the Froome mine , it will extend to mid-year 2026 now due to some new higher-grade material that we found at Froome West, which we have already started to mine. In terms of the Stock mine and mill, we have started the ramp down into the Stock mine, and underground mining will start as soon as we have access to the fourth level, which we anticipate we will be at the fourth level sometime in Q1 of 2026, which will lead us to mining operations starting in 2026.
At Grey Fox, which is one of our very successful exploration projects, we are now starting the study and permitting phase of the Grey Fox mine, which we plan to have in production in 2028. We have recently appointed a project director, Kevin Bromfield, for this project, and he will give us a view of the future of Grey Fox later in this presentation. Initially, the Grey Fox material or ore will go to the Stock mill, but we see a far bigger mill in the future of Grey Fox, and this is something that will be developed as we go through the study that Kevin is leading. The long-term objective of Timmins is to reach 100,000 oz per year, which we plan to have in production by 2030. What does Gold Bar and Timberline in Nevada look like going forward?
At Gold Bar, we will continue mining and exploration well into 2030 based on the drilling results. The Gold Bar South mine will continue mining in 2026. Our Timberline assets that were acquired a few months ago and where we are having relatively good exploration success, we will work through the permitting process and hope to get that operation into production in 2027. Adrian Blanco, our Americas and Mexico Director, and Bob Kastelic will speak to this as we move forward here. In Mexico, we will start producing shortly a small amount of gold and silver from one of our leach pads, and at the same time, continuing with our reclamation work. Ultimately, what we want to do is permit more mining operations using assets that we have in the El Gallo mining district.
The challenge with this will be the permitting pace and also the opposition that the government has shown to open- pit mining. The next five years look very good. Yeah, I said that, I guess. Okay, next up is who? Is Adrian. Yes, Adrian, you're next up. Adrian, the Director of our Operations in the Americas and in Mexico. Thank you very much.
Thank you, Bill. Hi, my name is Adrian Blanco, Director of Americas and Mexico Operations, and I am very happy to be here. The Gold Bar mining operation in Nevada had a successful 2024 and also year-to-date 2025 with regards to safety, production, cost, and expansion of mine life. Please allow me to elaborate on those achievements.
Number one, the Nevada operations reached five years without lost-time injuries in February 2025, and we continue to expand on that record, which is a reflection of operational discipline, exceptional housekeeping at the mine site, and commitment towards our safety culture. Number two, production. Gold Bar did 7% better than market guidance for the full year, producing about 45,000 oz of gold in 2024, which was also higher than the year before. Number three, the cash cost per oz was also better than guidance in 2024 at $1,425 per oz. Number four, the mine life of the operation was extended over two years as a result of exploration success and a higher market price of gold. This expansion is before the additions that we are expecting from the Timberline Resources acquisition completed in 2024.
Now, regarding 2025, Gold Bar is completing a high stripping campaign at the Pick pit, which will provide better access to ore in the second half of 2025 and 2026. Therefore, the ounces production will increase in the second half of this year. The plan for Gold Bar is to achieve, again, or surpass the production and cost targets in 2025. I will now turn the presentation to Bob Kastelic to expand on Nevada exploration. Thank you.
Thank you very much, Adrian. My name is Bob Kastelic. I'm the exploration manager for McEwen's properties in Nevada. We have a great team of enthusiastic geologists who love to find gold and just love to be working here. Our projects in Nevada, we have many projects, but we have three that we're actively working on right now.
Our exploration budget for the year of 2025 is $7 million, and we plan to drill 36,000 m of drilling this year, and we're well underway in our drilling program starting now. Our exploration is going on at our Gold Bar project, where we are currently mining, as Adrian mentioned, and we are also working on the Timberline's Eureka project, the property that we acquired from Timberline Resources last year. Both of these deposits are Carlin-type deposits, and they are on the Battle Mountain- Eureka trench just south of Cortez. In addition to these projects, another project we acquired from the Timberline merger was Seven Troughs in Northwestern Nevada, and that is a high-grade epithermal vein district. We'll be talking about each of these projects in the next slide. Next, please.
At Gold Bar, our current resources and reserves, we have over 200,000 oz of gold in the proven and probable category that we are currently mining. In addition to that, we have over 95,000 oz of indicated resources and almost 8,000 in the inferred category. Production, as Adrian said, in 2024 was 44,600 oz, and exploration in 2024 added over 55,000 oz net of production. If we added what we discovered last year plus what was mined, we actually found over 100,000 at Gold Bar last year. This year, we are exploring in several areas shown in brown on the diagram. These are our brownfields targets. What this means is that these areas have drill holes in them with intercepts greater than 1 gpt near the surface. We are exploring these right now.
We are drilling these out this year and are excited about some of the results we're seeing. We're seeing good alteration in the holes. We're just starting to get assays back, and we look forward to reporting on those as we get results and get them compiled. That summarizes Gold Bar. The next slide will take us down to the Eureka property, where we have two projects, Lookout Mountain and Windfall. This is about 30 mi from Gold Bar. Lookout has a resource of over 400,000 oz of gold measured and indicated and with an additional 84,000 inferred oz. At Windfall, there is potential for open pit and underground [oxide], especially open pit. We see a potential for 100,000-200,000 oz of gold, grading anywhere between 0.75 g to 2 g and more.
Past production at Lookout and Windfall totaled about 154,000 oz from mining done in the early 1980s and also earlier in the 20th century. In late 2024, we drilled a program at Windfall to define the mineralization there so we could advance that toward resource status. The next slide will show the results of that drilling program. This map shows the Windfall fault zone in yellow, which is mineralized, and historical pits at Windfall on the right and Rustler on the left, where the historical production came from. We were drilling underneath these pits and between the pits, and we found mineralization in nearly all of our drill holes last year. Some highlights are shown on here. We had many holes with 2-g [intercepts] and higher over nice thicknesses. This mineralization, we think, can be developed into an open- pit oxide mineralized body.
Now, you'll note the red outline around that. That's the patented claim boundary. This is our privately owned land that is on a faster track for permitting. We are focusing our initial efforts here because we can get this project up to a mining decision more quickly than some of the other areas. In addition to this area, the next slide shows that we are doing some work at Lookout Mountain, where the 400,000+ oz resource is. We have 84,000 oz in the inferred category. We have four purposes of drilling here. We have 5,000 m planned. We want to convert those 84,000 inferred resources to indicated. We also want to better define the resource shapes of mineralized zones to get them ready for development. We want to extend mineralization along strike and at depth where we see the definite potential to do that.
We're also drilling core for metallurgical test works so that we can design processes to process the gold ore. One more slide is the other project we are looking at at Seven Troughs. In the early 1900s, gold production here averaged grade was 1.2 oz per ton, one of the highest grade gold districts in Nevada. It's a very high-grade epithermal vein system. Left behind in some of the old stopes was material grading greater than 1 oz per ton. They stopped mining due to flooding from groundwater down to depths of about 1,000 ft. Some of the drilling that's been done since then has grades intercepts of greater than 1 oz per ton. In addition to deeper mineralization, there's also near-surface shallower mineralization that we'll be targeting this year also. We have both underground and open- pit targets at Seven Troughs.
A little picture there is a gold specimen from the historic mining at Seven Troughs showing some of the coarse gold that was found there. These projects, these three projects, are very excited about this year, and we're looking forward to sharing with you the results we get from our exploration work this year. Thank you very much, and I will now turn it over to our next speaker, Rory Greyensteyn, the Director of Operations in Canada.
Thank you, Bob. Good afternoon, shareholders, colleagues, and guests. I'm Rory Ravenstein, Director of Canadian Operations. It's a pleasure to speak with you today and provide a brief operational overview of our Canadian operations. I'm proud to begin by highlighting one of our most important achievements, safety. Over the past year, we've maintained an excellent safety record with no recordable incidents reported, even as our operations continue to expand.
We reached a major milestone of three years lost-time injury-free at the Fox Complex. Additionally, our team participated in the Ontario Mine Rescue Competition, earning second place in our division. These accomplishments reflect the strong safety culture we continue to build across all sites and workplaces. Our teams know that nothing is more important than returning home safe every single day. Another key milestone this year was the successful start of the decline ramp at Stock Mine, following approval of our updated mine closure plan by the Ministry of Mines. This represents a significant step forward, unlocking long-term value from this asset. I want to recognize the cross-functional team effort that brought this project online safely and efficiently, testament to our team's focus, planning, and execution. Of course, we also face challenges, and one that stands out as we look forward into 2026 is labor availability.
Attracting and retaining skilled talent is becoming increasingly difficult across the mining industry. We're actively addressing this through workforce planning, training, and retention strategies to stay ahead of this issue, but it'll require continued attention and innovation. We had a difficult start to 2025 with weather, labor, and mining issues being the main causes of a challenging period. However, with the expansion into Froome West, we expect to meet our guidance for 2025 with 30,000 oz. With the Froome West expansion plan to be completed by mid-2026 and the Stock Mine startup scheduled for early next year, we expect a strong year ahead. To operations teams, from our frontline supervisors, to the crews underground and on surface, your hard work, discipline, and pride in what you do will drive our results.
As we move through the rest of this year, a year of growth and execution, we remain committed to safe, efficient, and responsible mining. Thank you. I would like to hand over to Sean, Exploration Manager.
Thank you, Rory. Good afternoon, shareholders and guests. My name is Sean Farrell, and I'm the Exploration Manager for McEwen Mining's Ontario Operations. I'm excited to present to you all today an update on our exploration activities at the Fox Complex. McEwen Mining has a unique land position along sizable portions of the prolific Destor- Porcupine Fault Zone, stretching from our Fox West deposits in Timmins all the way east to our cornerstone asset called Grey Fox. Collectively, these assets have produced 3.3 million oz of gold, and currently, our resources contain 2.2 million oz of gold in the measured and indicated categories and another 800,000 oz of gold in the inferred category.
Our exploration budget for 2025 is about $10 million, with the bulk of these funds being used for exploration at our Grey Fox deposit. I will firstly be discussing our new gold mine called Stock, then we'll be moving to our Fox East properties to discuss the Grey Fox deposit. This is a project-wide longitudinal section looking north of Stock, which is divided into the west, main, and east zones. Furthermore, it can be seen that mineralization shown by the red shapes at all three zones is open for expansion along the interpreted plunge directions denoted by the black arrows. The proposed development, seen in green, will see us driving heading simultaneously to the east and main zones, which are denoted by the dark blue blocks, and then eventually out to the west zone, which are also denoted by the dark blue blocks.
This sequencing will allow for greater availability of material as the project develops further. In addition, underground drill platforms will also be established not only to delineate the three principal zones, but also to explore deeper down their respective plunge directions. We are especially excited about intercepts like S21-202, which graded 4.3 gpt over 20.4 m true-width, which demonstrates that the mineralization stock is still robust at depth. The intercept seen in drill hole S23-291, which graded 6.1 gpt over 5.6 m true-width, shows that the S stock deposit is also still open going west. Moving about 40 km east of Stock, I will now discuss our exciting Grey Fox deposit. The inset map on this slide shows the Fox East properties, for which the larger image is a zoomed-in plan map of our Grey Fox deposit located at the southern end of Fox East.
The bulk of our exploration drilling in late 2024 through 2025 has taken place at the Gibson, Whiskey-Jack, Grey Fox South, or GFS zones. Other zones that make up the Grey Fox deposit are Contact, 147, and 147 Northeast. The Whiskey-Jack zone has been successfully upgraded to a resource of which 97% is in the indicated category at 116,000 oz of gold, grading 5.69 gpt. The Whiskey-Jack zone also remains open for drilling at depth. A grasp of drilling at the Gibson zone has identified more than 20 mineralized lenses since the PEA resource estimate in 2021. Many of these new lenses are located in close proximity to the historical Gibson Ramp, which, according to historical records, produced a bulk sample of 8,000 tons at a grade of about 27 gpt.
The Gibson expansion zone is very exciting to us as we have identified good grades and widths in this area northwest of the historical ramp. Drilling in this area will continue for the remainder of 2025 with the goal of adding resources to the overall Grey Fox deposit. Noteworthy to mention is our acquisition of the Stroud property, which is seen as the southernmost portion in the inset map. Stroud has a historical resource of approximately 270,000 oz of gold, and we are planning to validate and explore this newly acquired property during the second half of 2025. Continuing with Grey Fox, geological investigations for Fox East have identified at least two prominent exploration areas known as the Black Fox and Grey Fox Horizon. Geophysical drilling target drilling within the Grey Fox Horizon has already identified new mineralization between the Whiskey-Jack and Gibson zones.
In addition, the exploration group will continue to move some of the exploration drills further northwest of the historical Gibson Ramp to continue following up on good results seen in that area, which I will show you on the following slide. This is a cross-section through the northwest portion of the Gibson area at Grey Fox, highlighting the good results received for the Gibson expansion zone, including drill hole 25GF-1539, which graded 12.4 gpt over 10.7 m true-width, and drill hole 25GF-1548, which graded 4 grams per ton over 30.1 m true-width. Again, the exploration team is very excited to keep moving the drills northwest of the ramp to continue to identify new good grading lines of the mineralization.
The aggressive drill programs from late 2024 and into 2025 have resulted in a sizable increase to the gold resources at Grey Fox at an all-in discovery cost per ounce of less than $15. The bulk of the existing resource lies from near-surface down to a vertical depth of 300 m, with much of the mineralization remaining open below that elevation. The exploration team will continue to explore and delineate for resources above 300 m, but also drill deeper to also potentially grow the resources further at Grey Fox. We are pursuing a strategic mix of both short-term and long-term ounce growth for Grey Fox and are targeting the addition of 100,000-150,000 new gold oz at the Gibson area alone.
To summarize, the Fox Complex exploration team has been working very hard to grow the mineralization and resources at Grey Fox and also to better understand the mineralization. Coupled with other tools like our recently completed geophysics survey, this will allow our team to more efficiently explore for both short-term and long-term development at our cornerstone asset. Thank you. I will now pass the mic to Kevin Bromfield, our Project Director for Grey Fox. Kevin.
T hank you, Sean. Good afternoon, ladies and gentlemen. My name is Kevin Bromfield. I'm the Project Director for our Grey Fox Project. It's a pleasure to speak to you today about our next major growth lever for the Ontario operations. Located southeast of and adjacent to the existing Froome and Black Fox operations, the Grey Fox project borders up against the Agnico-Hislop property to the south.
Grey Fox exploration success, as Sean described, is truly a game changer for our company. Since we've acquired that asset in 2017, we've tripled the number of ounces in our indicated and inferred resource, which is tremendous. We continue to drill today with over 30,000 m drilled year- to- date. The pre-feasibility study effort has begun, as well as some targeted fieldwork and test work to support the engineering going forward. This property and this asset have the distinct advantage of having existing permits as well as existing infrastructure. While we are contiguous with the Black Fox and Froome operations sites, we're going to use that to our advantage for a staged development process.
This staged development process is going to unlock seven-10 years of further mining on the eastern properties, and we see the potential for in excess of 100,000 oz per year at Grey Fox alone. We look forward to sharing exciting updates on this property as we develop and proceed with technical definition and early permitting steps. I will pass it along to Channa to discuss the overall outlook for future production. Thank you.
Thanks, Kevin. Hello, everyone. My name is Channa Kumarage, and I'm the Director of Technical Services for McEwen Inc. It's great to speak to you all today, and I'd like to start by decoding some of the key themes we've heard from our operations and exploration teams and touch on our future production.
One point I want to emphasize, which resonates with everything we do, is a strong safety concept at all our sites. This is not just a goal. It is a fundamental part of our operations and is something we are incredibly proud of. Our commitment to safety is unwavering, and it underpins every decision we make. At our Fox Complex in Timmins, Ontario, production at the Froome mine was set to conclude at the end of 2025. At this point, we have extended Froome's production into the second quarter of 2026. Further drilling is currently underway to potentially expand the west zone even further. We are on track with our Stock project and our target for commercial production in 2026. Stock is fully permitted and makes up most of the permitted production profile seen in this graph. Kevin and Sean touched on the Grey Fox property, which we are very excited about.
The permitting work for Grey Fox is currently underway and will help us achieve the goal of 100,000 oz or more at the Fox Complex by 2030, as Bill mentioned before. Let's look at the Stock project a bit more. I would like to share an overhead view of the Stock portal and the proximity to the Stock. We are happy to announce the start of the underground development at Stock in May of this year, as mentioned by Rory. At Stock, we are anticipating a six- to eight-year mine life with an average production of about 50,000 oz per year, with an all-in sustaining cost of less than $2,000 per oz. The overall project capital spend is estimated to be in the range of $80 million-$100 million. The Stock project has further financial benefits from our current Froome operation.
We will no longer require trucking material 35 km to the mill site, saving approximately $10 per ton of gold. Currently, we are selling 8% of our produced gold- equivalent ounces at approximately $600 per oz due to the Sandstorm royalty agreement at our Froome mine. This too will no longer be applicable. All this makes Stock project a very attractive low-cost operation. Now, let's move over further south to our Gold Bar operation in Eureka County, Nevada. We've seen consistent production in the first half of 2025, building on the strong momentum from a very successful 2024. As seen in this graph, through strategic definition and infill drill programs completed in 2023 and 2024, we've successfully increased the life of mine until the end of 2029. This is a significant achievement and provides us with a stable production profile.
We are continuing to expand on our near-term targets along with our exploration targets, as mentioned by Bob. Furthermore, our newly acquired Timberline property is planned to begin production from 2027 onwards. This positions Timberline as an excellent bridge with the current life of mine of our Gold Bar operations. Permitting work for the Timberline project commences in the fourth quarter of 2024 and will be the key factor in governing its production timeline. For my final point, I want to bring your attention to the graph on your screen. McEwen Inc has a very bright future, and we are committed to our safety and expanding our operations. This graph shows the future of McEwen's 100%- owned operations.
As evident, the permitting will play a major part in this production profile, particularly at the Fox Complex, Grey Fox project, as you heard from Kevin, and at Gold Bar at the Timberline properties. Permitting work has already begun, and we are making every effort to get ahead of the schedule. Our goal is to double our production from 70,000 to 80,000 oz for our 100%- owned properties to upwards of 160,000 oz by 2030 at our 100%- owned properties, like I said. The path to achieve this target is already underway, spearheaded by a dedicated and experienced management team. With that, thank you, and I will hand over the floor to Stefan Spears, Vice President, Corporate Development, to speak about the San Jos´´é operation.
Good afternoon, everyone. My name is Stefan Spears. I'm responsible for business development for McEwen Inc and McEwen Copper.
I'll provide a brief overview of our San Jos´´é high-grade underground gold-silver mine in Southern Argentina, which is located adjacent to Newmont Cerro Negro mine, as shown in the figure on the screen. The mine is a joint venture between McEwen and Hochschild Mining. We own 49%, and Hochschild is the operator. For 2025, on a 49% basis, our production guidance is 50,000-60,000 gold- equivalent ounces at an all-in sustaining cost of between $1,900 and $2,100 per oz, similar to our actual costs in 2024. The most recent quarter, Q1 2025, was a challenging period with 18% higher quarter-over-quarter production costs, primarily driven by a relatively high strength of the Argentine Peso, combined with a 26% decline in quarter-over-quarter gold-e quivalent production. Fortunately, the operation is back on track in the second quarter. You might be asking yourself what the team at San Jos´´é is doing to improve performance.
I'll mention six initiatives. Number one, they're optimizing blasting patterns, mining methods, and techniques to reduce dilution and increase production. Second, they're implementing a complete third shift to operate 24 hours a day, a 20% increase in hours worked per day. Third, the VertiMill addition at the mill, which was commissioned in December of 2024, is now increasing mill b from 1,700 tons per day to over 2,000 tons per day, a 21% increase from last year. Fourth, they're working to reduce grind size in a project to increase gold and silver overall recovery by between 0.5% and 2%. Fifth, they're implementing a maintenance training program to increase equipment availability so they can move more material from the mine to the mill. Finally, they're studying the possibility of adding a heap leach pad to process oxide material that currently gets very low recovery in their flotation-based leaching process.
Exploration drilling in 2024 successfully replaced mine depletion. Compared to 2023, contained gold-e quivalent ounces increased by 9% for resources and 2% for reserves by year-end 2024. That was my quick take on San Jos´´é. I'll now turn the presentation over to Perry Ing, our CFO. Thank you.
T hank you very much, Stefan. I'm Perry Ing. I'm the Chief Financial Officer. Now that you've heard from our entire McEwen Mining operations team, exploration teams, and project teams, I'd like to summarize what this could all mean to us from a financial standpoint and why we're excited by our self-funded organic growth opportunities. This is a bit of a busy slide, so let me walk you through it. The bar represents annual production in gold ounces of our 100%- owned operations.
You see it starting in 2025, we're at about 75,000 oz a year coming from Gold Bar and from Froome. You see the blue line, which represents free cash flow generated each year as the blue line correlating with the axis on the left. You see for 2025, approximately just under $50 million at current gold prices. The blue diamonds represent the annual growth CapEx requirements to achieve our growth plans. Within the bars, obviously, you see the production breakdown between the various sites and properties. What are the takeaways from this? First, I think it's important to look at just the extent of the growth that we're talking about that Channa described just recently. We see continued steady growth from approximately 75,000 oz a year up towards 180,000 oz a year, which represents approximately 150% growth.
If you include our [triggerable] production from the San Jos´´é mine, then we're talking about a near doubling towards the 250,000 oz a year of gold- equivalent if San Jos´´é can maintain production through to 2030. Secondly, as I noted, our growth plans are self-funded. As you see, the blue diamonds are well below the free cash flow generated each year at a $3,350 gold price. What you also notice is that in no year is growth capital exceeding $50 million a year. We believe that this growth plan is very manageable and within our capabilities without the need to take on more debt or dilute our shareholders through additional financing. Third, I think what's most impressive is just the level of free cash that can be generated if we can execute this plan.
You see this growing from roughly $50 million a year up past $250 million a year in 2030, representing approximately 400% growth over this period. On this next slide, what we have here is basically a sensitivity to what we showed in our last slide. We have both an upside gold price scenario at $3,900 an ounce and a lower gold price scenario of approximately $2,800 an ounce. This is basically ±15% from $3,350 gold. What I think is important to show here is that even in a lower gold price environment, we are still able to execute our growth plans. Beyond our Stock project in 2025 and 2026, we have no committed future capital that we have to execute at a certain date or time.
If the time is not right, then we can always defer capital or look at the best way to grow our company. Obviously, on an upside scenario, you see just the huge amount of free cash that can be generated. If you're looking at a $3,900 scenario with 175,000 oz a year of production, you're looking at free cash flow in excess of $350 million per year. What does that look like on a per-share basis? If we convert that to EBITDA and EBITDA per share. Again, EBITDA, we're starting this year kind of in around a $50- million level or a dollar per share. Through to 2030, using those same growth assumptions, we're looking at $250 million a year of adjusted EBITDA or roughly $5 a share. The last slide is on converting the same thing to an EPS basis.
This is obviously after tax. Again, you're seeing basically a potential for nearly 10 times growth from, call it, $0.30 a year this year to nearly $3 in 2030 according to these growth plans. Again, these are the reasons why we're very bullish on our growth plans and our stock. With that, I'm going to turn the presentation over to Michael Meding to talk a bit about McEwen Copper.
Thank you so much, Perry. Good day, shareholders, directors, colleagues, and friends. Before I'm going to speak, I have something important to say. Forget oil. Copper is the lifeblood of the 21st-century economy. Welcome to McEwen Copper, where tomorrow's energy revolution starts today. Now I'm going to give you a brief introduction about myself.
Why investing in copper is attractive, describe Los Azules and its benefits, explain to you why Argentina has become a very attractive country to invest in, what are the current milestones of the development of Los Azules, its path forward, talk about its additional exploration potential at the potential of a larger district, present our team, and close off with our vision going forward. My name is Michael Meding, and I serve as the Vice President and General Manager of McEwen Copper. My educational background includes an MBA from Germany and another from the United States, complemented by postgraduate studies in finance and mining from Argentina and Chile. I bring extensive leadership experience for managing mining operations throughout the Americas. For over a decade, I have been based in San Juan, Argentina, the same province where our flagship project, Los Azules, is located.
During this time, I've developed a deep understanding of the region, its people, and its exceptional mining potential. Additionally, I serve as the President of GEMERA, the Argentine National Chamber of Exploration Companies. Under my leadership, McEwen Copper was honored as the Exploration Company of the Year in Argentina. I was also personally recognized as the Mining Entrepreneur Of The Year and received honors from Argentina's National Directorate of Immigration for my contributions to the country's development. For the past three- and- a- half years, it has been my privilege to lead the growth of McEwen Copper and advance our Los Azules project. I'm looking forward to continue to drive this project forward. Why invest in copper? The global energy transition, rising electric vehicle adoption, expanding grids, and the surge in AI infrastructure are all driving a sharp increase in copper demand.
To keep up, we need approximately 900,000 tons of new production annually. Yet new mine development is becoming tougher amid geopolitical instability and slower permitting. Both the U.S. and Europe face significant copper shortages due to limited domestic smelting capacity and heavy import reliance, an issue exaggerated by protectionist policies that overlook processing bottlenecks. Copper is likely to see supply constraints and increase of demand. Currently, the global copper market annual is approximately $250 billion. Demand could rise to over 36 million tons by 2031 and over 50 million tons by 2050. To give you a comparison, Chile, which is the biggest producer and neighbor to Argentina, produces between 5 million and 6 million tons of copper per year. By 2050, the world would need another 4-6 Chiles.
This opens up enormous possibilities for countries such as Argentina that share the same border where mineral deposits exist but have not seen the same development. Los Azules is designed as a low-carbon, low-water-consuming open-pit heap-l eaching SX/EW operation. We aim for nominal capacity of at least 175,000 tons, or 385 million pounds per year. Argentina is an upcoming tier-one mining jurisdiction with strong copper potential. Los Azules is situated in the Andes, just 6 km from the Chilean border, surrounded by world-class operations and advanced exploration projects. We are located in the San Juan province, Argentina's equivalent of Nevada, a region where mining has been a strategic priority across multiple governments for decades.
With 83% mountainous terrain, only 3% arable land, and a long history of mining dating back centuries, San Juan is home to three of the world's 10 major copper projects: Vicuña, El Pachón, and our own Los Azules. All major mining companies are now back with activities in Argentina. For those of you that are not familiar with the RIGI, it was implemented via law in August 2024. It is aimed to attract large-scale infrastructure investment, including mining and oil and gas. It provides 30 years of tax and foreign exchange stability, significantly lowers companies' tax burdens, facilitates importation and exportation, recovery of construction VAT, and the laws for international arbitration, baked into a very clear, very concise law. Since pro-business President Milei took office, Argentina has quickly reconnected with international financial markets.
Significant developments include the approval of the large investment incentive regime and notable global investments, BHP and Lundin's $4.5 billion transaction to develop the Vicuña project in San Juan, Rio Tinto's $6.7 billion acquisition of Arcadium, a $100- million investment in Los Azules, and a $250- million investment in option on Altair, and Rio Tinto's recent expansion plans at the Rincón Lithium project in Salta for $2.5 billion. Furthermore, a new resource estimate positions Vicuña among the world's largest copper deposits. Internationally, Argentina signed a memorandum of understanding on critical raw materials with the U.S. and is preparing to sign an agreement with France on critical minerals and nuclear energy. These are all powerful, positive indicators of Argentina's renewed global economic engagement. A year of strategic milestones and operational excellence. Los Azules in San Juan advances towards feasibility with 1.79 million safe hours, zero environmental incidents since July 2023.
We secured our EIA, the Environmental Permit for Construction and Operation of Los Azules, in December 2024. We applied for the RIGI in February 2025. We secured a memorandum of understanding with YPF Energy. That would be your ExxonMobil when compared to other companies to ensure 100% renewable energy supply for our mine. With 204,000 meters drilled, the updated feasibility study refines resources amid cost pressures globally and in Argentina. Final OpEx and CapEx estimates near completion. We raised recently $56 million in private placements, including $35 million from Newmont, Rio Tinto at $30 a share, bringing Newmont's, Rio Tinto's heap-l eaching venture, to $100 million and valuing McEwen Copper at $984 million on a 100% basis or $8.47 attributable per McEwen Mining share. We are actively pursuing additional equity and debt financing to one spending total of $24 million below budget.
San Juan, the province where we're operating in, has about 880,000 inhabitants. Calingasta, the department where we are engaged and where our project is located, has about 11,000 people. In our ESG and community trust efforts, we engaged over 4,000 residents through 71 meetings, reaching over 80% of Calingasta's economically active population. Our door-to-door survey showed 97% acceptance and 94% trust in our project. We initiated alignment with IFC performance standards to strengthen ESG credentials and unlock multilateral export credit agency and syndicated funding. We are on track to complete the feasibility study beginning of Q3 and then to initiate basic engineering to support the final investment decision. Where are we with regards to our feasibility? We completed our resource model update. We are completing mining engineering. We have completed meteorological testing. All conventional column testing has been completed. The new and large column tests have been completed.
We have finalized our access road design and updated our initial camp design to include regenerative concepts. On the right side, you see the first cathodes that we produced in the lab from our leaching. In terms of process, our heap leach design is complete, which includes design criteria consistent with ICMM, International Council of Mining and Metals, IFC, and other international standards. For the coastal area, feasibility design is complete. OpEx is complete, pending final mine design schedules. Hydrogeology has been completed. We are updating the CapEx, which is current up to Q1 2025. The main third-party reviews have been completed. On the right side, you see our regenerative concepts already starting with initial construction camp . Now let's talk a little bit about exploration. What you see here in that grey in the middle is the minable pit shell from the 2023 PEA.
What you're seeing in light gray is the resource pit shell significantly bigger. We go through about 40% in our PEA, and this will be very similar in our feasibility. That means there's a significant resource that we're not yet exploiting. We have seen on the left side, which is north, that we have a significant mineralization far below our resource pit shell. You see 0.42% copper over 480 m in AZ- 22174. That was a hole that went down to 1,128 m. Then 400 m further to the north, you see another hole that had 0.2% copper over 202 m but ended in 12 m grading 0.44%. I think if you would have drilled further, we would have seen another surprise. To the south, there is more step-out exploration drilling, 0.3% copper over 70 m, 0.2% over 276 m, 0.23% over 180 m.
Recent exploration suggests the Los Azules could get bigger. Now, what do you see here? The blue outline is the Los Azules pit. The white outline are our mining properties. So far, we have explored approximately 3,000 hectares of our 32,000-hectare claim blocks. We have identified seven new exploration targets with large porphyry systems: Mercedes, Porphyro Norte, Las Leñas, Azufre Noreste, Porphyro Este, Tango, and Betas Rio Cerrado. This is what we found in Tango. We found chalcocite. We found in oxidation zones of copper deposits. We found azurite, secondary mineral in the oxidized zone of copper deposits. In Mercedes, we found chalcopyrite, which is abundant in copper ore. We also found biotite [bayonets with K-phospha], common in hydrothermal systems. Let's talk about Tango. Tango is about 1 km - 3 km southeast of the Los Azules pit.
Preliminary and ongoing drilling has confirmed copper oxide and sulfide mineralization consistent with a vertically zoned porphyry system. Additional drilling is planned to confirm the deeper porphyry source. Now, let's talk about Mercedes, which is about 10 km towards the west of the Los Azules pit. Moderate molybdenum-bearing B-type veining and stone alteration indicate proximity to a porphyry center, with high-grade molybdenum highlighting a compelling new porphyry target. Now we come to Porphyro Norte, which sits between 1 km and 3 km north of the Los Azules pit. All indicators point to a concealed porphyry system at depth, making Porphyro Norte a high-priority target for future drilling. This is our McEwen Copper Board, not to confuse with the McEwen Inc Board. Here, I only want to talk about our latest addition, which is Sergio Fuentes. Sergio joined us most recently.
He has 35 years' experience in mining, spanning engineering, operations, and project management. Mr. Fuentes held senior leadership positions in Codelco and Antofagasta, where he served as VP of Projects and Senior VP of Projects. When I talk about my management team for Los Azules, you can see that it's mostly configured from Argentines. We have over 250 years' experience. All of my managers have at least 15 years of leadership experience in San Juan in tier-one or tier-two operations, some of them significantly more, from exploration to construction to operation. So what is it that I told you?
I told you that we have a world-class resource not in the hands of a major, that Argentina is an [emerging Taiwan] lithium and copper mining jurisdiction, that we're aiming for robust economics toward price cycles, that we're aiming to build a mine for the modern world with regenerative principles and low carbon intensity, that we have significant upside potential for new technologies and exploration, that we are backed by key strategic partners such as Stellantis and Rio Tinto's Newton, and that we have an experienced board and management team. Now, let's talk a little bit about our vision. We want to have a carbon-negative copper mine, a safe and healthy mine that is positive and highly desirable for workers. We want to support the world's transition to renewable energy, inspire change being technologically advanced, and have a net positive ecological impact.
I invite you to view now our video on how our vision looks like and how the surrounding area looks like for Los Azules. Operator, please play the video. Thank you so much.
McEwen Copper is planning the world's first regenerative copper mine in Argentina. It goes without saying that we need to transform industry to provide us with the materials we need for a renewable society, but without the historic legacy of environmental damage. Copper is one resource that will only grow in importance as we replace fossil fuels with a decarbonized world. Electric cars, wind turbines, batteries, solar panels, and the computers that power everything all require copper. That copper needs to be green copper, carbon-neutral, and ecologically responsible. When we started the project, we began by drafting a set of principles for the project that would guide the team in its decision-making and approach.
We did this work informed by the place itself. The Andes are an incredibly beautiful and sensitive ecosystem, so we knew it was our duty to be stewards of this place, protecting habitat, glaciers, water, and life itself, while at the same time getting the copper resources that we need. We have been thinking carefully about the future first and our eventual legacy. We then focused on the people, the miners, and the community itself. We have been working to create a new kind of experience for people that live in San Juan and the surroundings. Over the life of mine, over 1,000 high-quality local jobs will be created, and these will be jobs unlike any others in the industry.
We think people will covet working for McEwen Copper because not only do we focus on safety, but also on dignity and livability, creating a mining facility that is an oasis in the sky. Here is our vision for the mine camp of the future: Beautiful, inspiring, and bold, a biosphere of health and life. After a long day of work, our people will return to a place completely powered by the sun and create ideal conditions for rest, sleep, recuperation, and the daily needs of miners. Imagine a place that grows its own food, collects and treats its own water, and generates energy without emissions on a giant solar super roof. We are placing specific emphasis on indoor air quality, acoustics, and stress reduction, with a focus on social justice, equity, and even beauty within a mine setting.
This will be a place to live and thrive while earning a living. We're designing an ecological water treatment valley that not only completely protects downstream water quality but allows for the creation of new habitat and the enhancement of vagas. Partnerships with local universities and scientists will see new advances in natural phytoremediation water treatment and ecological testing to ensure that water is always pure and healthy. Our entire mine operation will be powered by on-site and off-site solar farms, generating all electricity without carbon emissions. Wherever possible, conveyors and fleet facilities will be electrified and plugged into this network of clean energy with batteries instead of diesel for backup generation. At Los Azules, we are not building a mill. Instead, we are advancing heap-l eaching techniques to extract metals chemically and in a completely closed-loop process with radical reductions in energy and water requirements as a result.
Finally, a state-of-the-art, renewably powered electro-winning facility will produce pure copper so that from the pit to the product, our investors and customers know that sustainability informed every single step, and they can count on that for their own ESG goal setting. Our planning process continues, and we look forward to sharing more innovations as we develop this amazing project further. At McEwen Copper, we are striving to deliver the world's greenest supply of copper in the world's first regenerative copper mine.
I'll now turn the call back over to Rob McEwen. Please go ahead.
Thank you very much, Operator. Thanks for the video and that session on Los Azules mine. Thank everyone else who presented after myself. I hope that gave you a good overview of McEwen Mining, where we are, and where we're going. I'd like to just close with a couple of highlights.
One, we're attractively priced right now. As you saw, the value of our copper on a per-share basis for McEwen Mining is just a little below where we're trading right now. You're effectively buying McEwen Copper. You're getting it and the gold and the royalty package for free. You saw the price of our estimates and management, so it is biased. To get to the low value of $17, that's almost a double. To get to the high, it's a 5x from here, from where we're trading. We have a massive copper option, as you just heard about. Our gold resources are increasing. We're big, big advocates for exploration. In Timmins, we were adding at $15 an ounce and in Nevada at $70 an ounce. It seems to be a good equation for putting money in the ground. Our production is increasing quite dramatically from our base.
You get leverage to gold, silver, and copper when you're buying McEwen Mining. Good trading volumes, our average daily trading volume over the last three months, just on New York alone, is over 1 million shares on a daily basis. My ownership in the company, and it's not there just to let it sit there. It's to grow, but it's over $200 million . Again, the exploration, we've made a number of investments in junior exploration companies, believing that we are at the early stages of a gold bull market and that the juniors are going to run quite fast. We happen to be one of those juniors. We have some money, and we think it's much better than putting it in the bank. As you heard from Perry, looking forward, we can be looking at things at normal course, issue or bid.
Ideally, when I was running Gold Corp, we got to a point where it paid a dividend. We started off paying semi-annually, then quarterly. In the ideal world, we got back paying monthly. In terms of goals for us going forward, that's where I'd like to see us head up. I'd just like to remind you, if I could ask, if you could complete the survey that you'll find at the end of this presentation. It's under the name of Survey Monkey. You're just looking and giving feedback to all of our presenters, including myself, as to how we did and did you find we covered off the base as well and what might we do to even be more effective in the market. With that, I'd like to open up the session for questions. I understand there are several questions.
Stephan, would you like to read the questions off and we'll deal with the ones we have received already and then if there are any others on the call.
Thank you, Rob. Currently, we have two questions. Both of them, I think I'll direct to Michael Meding because they're related to McEwen Copper. The first one is a comment that the listener heard that Rick Rule commented that the Los Azules deposit is located in the bottom of the valley rather than on a hillside so that gravity will work against moving the ore to the heap leach pad, a nd the listener asks if that is true and if it's significant.
First of all, I think one has to understand why do we have the mineralization that we have and why we can use the process flow sheet that we selected to be able to actually have a low carbon, low water mine going forward. We are sitting in a depression between two mountains. That's correct. That's the reason why the super-gene mineralization has formed from the primary sulfides. From the pit to the leach pad is about 6 km, I would say, 6-8 km, where we're going to use transport belts and a stacking system. The height differences are not that relevant. At some point, obviously, when we go deeper into the pit, the height differences will play a role.
We are foreseeing trolley assist in order not only to save on greenhouse gas emissions, but also on money, fuel, and speed and enhanced speed to get out of the pit. Yes, the answer is we need to work partially uphill, but the grades that we're going up are not that relevant.
Thanks, Mike. The second question is whether we are going to delay the completion of the feasibility study until we receive acceptance of the RIGI or not.
No. The feasibility study will include the benefits of the RIGI. We are quite confident that we will obtain the RIGI benefits. We had several conversations with the authorities, with the State Secretary, Dana Gonzalez, who runs the overall RIGI process, and with the substantiating authority, which is the State Secretary for Mining, Dr. Luis Lucero. There is general positive outlook towards our project.
It will also mean that we are going to be able to produce something that Argentina can process versus concentrates that the other mines in Argentina would be processing. We add a plus to Argentina going forward. We are quite confident on our RIGI application.
Thanks, Mike. There are no further questions at this time. Operator, are there any other questions you have received?
There are no further questions at this time.
Thank you. Ladies and gentlemen, thank you for joining the call today. We look forward to updating you on our progress as we go forward. Best of wishes in all your investments. Thank you.
Ladies and gentlemen, this concludes the call.
All right. We are good. What happened?
Of McEwen Mining. Thank you for your attention. You may now disconnect.