McEwen Mining granted key permit for El Gallo Mine

McEwen is pleased to announce that the extension of its Environmental Impact Assessment for the El Gallo Mine has been granted by the Mexican government. This approval is a critical step that will allow McEwen to begin Phase 1 Mill Construction. The company is targeting mid-2026 for construction start, and mid-2027 for its first gold pour. McEwen has purchased the ball mill, which is onsite at the mine. The company has also started work on Phase 2, which will involve production from the project’s in-situ silver deposits. This could extend the life of El Gallo well beyond the initial 10 years contemplated under Phase 1. Phase 1 is expected to produce approximately 20,000 GEOs annually once commercial production is achieved. Production will come from reprocessing the material from the historical leach pad. Remaining capital costs to complete construction are estimated at $25M. Since the material to be processed was previously mined, no significant development or exploration costs are anticipated, enhancing free cash flow.