Market Signal Briefing

ASTER’s recent listing on Binance has reignited market interest, propelling the token back into focus. After a short pullback below $2 following rapid gains, ASTER remains only about 17% below its all-time high, signaling potential for another breakout. On-chain data reveals that ASTER’s largest holders — the top 100 “mega whales” — have increased their holdings by 1.76% in just 24 hours, accumulating approximately 134 million ASTER worth around $264 million. Meanwhile, public-figure wallets added another 236,000 tokens, a 5.34% increase, reflecting growing confidence among prominent investors.

Despite these inflows, smart-money wallets trimmed their positions by 70%, while smaller whales reduced holdings by nearly 10%, offloading about 7.5 million ASTER worth roughly $15 million. Exchange balances have surged by nearly 60% to 625 million ASTER, though this may not signal heavy selling pressure. Given the new Binance listing, much of this increase likely stems from liquidity repositioning rather than outright sales.

Supporting this interpretation, the Money Flow Index (MFI) — an indicator measuring buying and selling pressure — continues trending upward toward 65, indicating sustained capital inflows. Similarly, the Bull-Bear Power (BBP) indicator turned positive on October 5, suggesting bullish momentum is strengthening. These combined signals imply that current “selling pressure” could be more illusion than reality.

Technically, ASTER’s 12-hour chart shows the token trading within an ascending triangle — a bullish formation. A hidden bullish divergence between RSI and price further supports the uptrend. If ASTER breaks above $2.27, a move past its all-time high of $2.43 could follow. However, a drop below $1.66 would invalidate the bullish setup. For now, with RSI holding above 50 and whales accumulating, ASTER’s momentum remains firmly in favor of the bulls — and the market’s attention.

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Software engineer Vincent Van Code has declared that Ripple will not be just a regular bank. He also alluded to the Fed Master application as one of the interesting aspects amid the crypto firm’s move to obtain a national trust charter. 

Why Ripple Won’t Be A Regular Retail-Style Bank
Vincent Van Code stated that Ripple won’t be a regular retail-style bank following the revelation that the crypto firm was a member of the American Bankers Association (ABA). He stated that it was big news, but opined that Ripple’s application for a Fed Master account is more interesting. The software engineer added that it is surprising how the whole market is oblivious to these advancements and that the XRP price is still hovering around $3. 

Ripple had, through its subsidiary Standard Custody & Trust Company, applied for a Fed Master account at the same time it applied for a national banking license. The firm’s CEO, Brad Garlinghouse, had explained back then that this would enable them to custody their RLUSD reserves directly with the Federal Reserve, further adding another layer of security for the stablecoin. 

Meanwhile, Crypto pundit unknowDLT was the one who pointed out that Ripple was a member of the ABA, while USDC issuer Circle, which has applied for a national banking license, is not. The pundit further remarked that this means that only one crypto company can be considered a bank. UnknowDLT indicated that big things are in store for Ripple and XRP, declaring that the crypto firm will become the world’s largest bank. 

UnknowDLT also echoed Vincent Van Code’s sentiment that the market is oblivious to the advancements that are on the horizon for Ripple and XRP. The crypto pundit claimed that retail investors are distracted by memes and Bitcoin. 

The pundit further remarked that people think that Ripple is dumping XRP on retail investors while the firm continues to build the infrastructure for the new financial system. UnknowDLT added that people have not realized the great potential for appreciation that the XRP will have. 

The Firm’s Application Open For Public Review
XRP influencer Pumpius revealed that Ripple’s application for a U.S. banking license from the Office of the Comptroller of the Currency (OCC) is now open for public review. He remarked that the crypto firm is becoming a bank and that the same company the SEC fought for years is now positioning itself as the “bank of banks” built not on legacy rails but on the XRP Ledger. 

Pumpius added that Ripple’s shift from a crypto company to a liquidity institution is almost complete. It is worth mentioning that the crypto firm is one of many firms that have applied for a national banking license, including Paxos and Circle. Crypto exchange Coinbase also filed for a national trust charter last week.

XRP trading at $2.96 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

The Pi Network (PI) community is heating up after a major announcement revealed that new Decentralized Finance (DeFi) features are now live on the Testnet. With the cryptocurrency currently trading around $0.26 after crashing severely in the past few months, the report of new upgrades raises the question of whether these developments could trigger a strong enough comeback to spark a 900% rally back to $2.98.

Canary Capital's HBAR ETF is nearing SEC approval after filing its final details, including a ticker symbol of HBR and a 0.95% management fee.

SUI Group has joined forces with Ethena and the Sui Foundation to launch suiUSDe and USDi, the first native stablecoins on the Sui blockchain.

Nvidia CEO Jensen Huang sits down with 'Mad Money' host Jim Cramer to talk the state of the AI and semiconductor landscape, competition in the space, President Trump, and much more.

The new Tesla Model Y Standard costs $39,990.

Tesla

2025-10-07T23:55:50Z

Tesla unveiled more affordable versions of the Model 3 and Model Y on Tuesday.
The new models are roughly $5,000 cheaper and have fewer features.
Reactions have been mixed, with Tesla's stock down 4.45% as of market close.

Tesla on Tuesday unveiled its two most affordable electric vehicle models yet, and reactions from analysts and business leaders have been mixed.

Tesla announced its $36,990 Model 3 Standard and $39,990 Model Y Standard, which are about $5,000 cheaper than the prior models and come with fewer features.

Fans and investors have long awaited Tesla's introduction of more affordable models, but the new models may not have been what Wall Street was looking for. Tesla's stock dipped after the announcement, and the share price was down 4.45% at market close on Tuesday.

Here's what analysts, investors, and business leaders have said about the new models.

Notably, Tesla CEO Elon Musk had not posted on X about the new models as of Tuesday evening, though he did post about an update to Tesla's fully self-driving software as well as xAI's Grok.

Dan Ives

Dan Ives and other Wedbush analysts said they were disappointed at the price of Tesla's more affordable models.

Tasos Katopodis/Getty Images for Eightco Holdings and BitMine

Tesla bull Dan Ives and other analysts at Wedbush were disappointed by the announcement on Tuesday.

The analysts said in a note that the lower cost models were highly anticipated but that "this price point is still relatively high versus other vehicles on the market."

The note also said the analysts believed the more affordable models would help boost demand, especially in light of the EV tax credit expiring, but that they were "relatively disappointed with this launch as the price point is only $5k lower than prior Model 3s and Ys."

However, the analysts were optimistic about the FSD update Tesla also announced on Tuesday, as well as the company's potential AI valuation in the future.

"While some might have been hoping for the Roadster announcement or a lower price point, we believe this is a step in the right direction and any knee-jerk reaction should present a buying opportunity to get into Tesla's autonomous path forward," the note said.

Ross Gerber

Ross Gerber has been bearish on Tesla.

Emma McIntyre/Getty Images

Ross Gerber, a longtime Tesla investor, was neither impressed nor surprised by the more affordable models.

"It's another version of the Model Y, and they already launched the best Model Y they've ever built," Gerber told Business Insider. "So the problem is, people are extremely price sensitive. If you have two or three or four models of the same car, which one do you think most people pick? The cheapest one."

"So they will now perceive the brand differently because their experience with it will be different. It now becomes more like Toyota than Mercedes, when Tesla used to be considered a luxury," Gerber added.

"Literally called it," he said in an earlier post on X. "$7500 less good only to eat sales from higher priced models. Why? Because the tax credit got pilfered by the ceo himself."

Gerber, CEO and president of Gerber-Kawasaki Wealth, has been critical of Tesla and Musk, with his firm dumping Tesla stock earlier this year. Gerber said in July that the expiring EV tax credit was a problem for Tesla and predicted the company's stock would decline further, although its share price has since risen.

As of now, Gerber said he still manages around $80 million worth of Tesla shares.

Seth Goldstein

Morningstar analyst Seth Goldstein said the more affordable models could help offset the loss of the EV credit expiring.

Samuel Boivin/NurPhoto via Getty Images

Seth Goldstein, an analyst at Morningstar, said the more affordable options should help Tesla make up for the EV tax credit expiring in September.

"I think a sub-$40,000 price will help Tesla grow deliveries as it opens the Model 3 and Model Y up to more consumers who are not able or willing to pay up for a higher-priced vehicle," he said, according to Reuters.

Gene Munster

Gene Munster suggested the new models could compete with cheaper competitors.

Brian Ach/Getty Images for LocationWorld 2016

Gene Munster, a Tesla investor and managing partner of Deepwater Asset Management, praised Tesla for lower-priced models in an X post and suggested it would allow the company to better compete with more affordable models from competitors.

"For Hyundai, Ford, and Nissan, the challenge isn't price, it's software," he said. "As Full Self-Driving and onboard compute capacity become as central to the EV experience as range, Tesla's software advantage continues to widen."

Tesla

Electric Vehicles

Read next

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SummaryManpowerGroup faces a soft labor market in both the US and Europe, limiting near-term growth prospects ahead of Q3 2025 earnings.MAN is making strategic moves, including hiring a Chief Growth Officer and partnering with Carv, to accelerate digital and AI-led recruitment transformation.Currency tailwinds may mask underlying revenue weakness, but constant-currency sales are still expected to decline by up to 4% in Q3.I maintain my Hold rating: MAN’s cost controls and solid balance sheet provide downside protection, but no clear catalyst for a near-term re-rating exists. Pixelbizz/iStock Editorial via Getty Images

ManpowerGroup Inc. (NYSE:MAN) plans to release its Q3 2025 earnings results in about a week, so I thought I’d preview them now, given that the stock has slipped by about 11% since

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Salesforce reportedly told customers Tuesday (Oct. 7) that it won’t pay a ransom demanded by a hacking group that threatened to publish client data it claims to have stolen.

The company won’t negotiate or pay any extortion demand, Bloomberg reported Tuesday, citing a Salesforce email and comments from a company spokesperson.

Allen Tsai, a Salesforce spokesperson, told Bloomberg that the company is aware of extortion attempts and is in contact with affected customers to provide support.

The information was stolen earlier this year in a breach of Salesloft’s Drift app, which integrates with Salesforce, according to the report.

Other companies have also been impacted by the breach of Drift.

Cloudflare said Sept. 2 that information shared in its customer support system should be considered compromised because the company was affected by the breach of Drift, which allowed someone outside Cloudflare to access the Salesforce instance it uses for customer support and internal customer case management.

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“Most of this information is customer contact information and basic support case data, but some customer support interactions may reveal information about a customer’s configuration and could contain sensitive information like access tokens,” Cloudflare said at the time.

Cloudflare said it searched through the compromised data, found 104 Cloudflare API tokens, rotated those tokens and informed the customers whose data was compromised.

On Sept. 5, it was reported that the number of companies impacted by the cyberattack on Drift, and the ultimate severity of the attack, were unknown but that the data breaches that had been disclosed at that point raised concerns about social engineering attacks that could be strengthened by the data that was stolen.

Several companies had disclosed data breaches that resulted from the attack. The disclosures showed that the data that was stolen includes business contact information and support case content, which is information that is not as sensitive as that taken in other cyber incidents but could be used for social engineering attacks.

PYMNTS reported in August that the weakest link in a company’s cybersecurity defenses could be a trusted vendor, because companies’ reliance on vendors multiplies their own attack surface.

CNBC's Martin Soong and Chery Kang talk about gold hitting another key milestone, topping $4,000/oz, plus the key factors driving the rally.

TORONTO, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”). In accordance with regulatory requirements, the Company (the “Acquiror”) announces the acquisition of 4,800,000 units (“Units”) of Cartier Silver Corporation (the “Issuer”) on a private placement basis at a price of C$0.125 per Unit for total consideration of C$600,000. Each Unit consists of one common share (“Common Share”) and one half of one Common Share purchase warrant (each full warrant a “Warrant”) of the Issuer, with each Warrant entitling the holder to purchase one additional Common Share at a price of C$0.20 per Common Share for a period of 36 months from issuance.

Immediately prior to the acquisition of securities described above in this news release, the Acquiror owned or exercised control or direction over 2,333,000 Common Shares, representing 4.97% of the issued and outstanding Common Shares of the Issuer on an undiluted basis, and 600,000 warrants, each such warrant entitling the Acquiror to purchase one additional Common Share, such warrants representing 1.05% of the number of Common Shares outstanding prior to completion of the private placement. Following completion of the private placement, the Acquiror now beneficially owns or exercises control or direction over 7,133,000 Common Shares and 3,000,000 warrants, representing 12.61% of the issued and outstanding Common Shares of the Issuer on an undiluted basis, and 17.01% of the issued and outstanding Common Shares of the Issuer on a partially diluted basis, assuming the full exercise of all of the warrants held by the Acquiror only.

The securities acquired under the private placement are being acquired by the Acquiror for investment purposes. The Acquiror may in the future, subject to regulatory constraints, take such actions in respect of its holdings of securities of the Issuer as the Acquiror may deem appropriate in light of the circumstances then existing, including the purchase of additional securities of the Issuer through open market purchases or privately negotiated transactions or the sale of all or a portion of its securities of the Issuer in the open market or in privately negotiated transactions to one or more purchasers. The Acquiror does not have any current plans or future intentions which relate to or would result in any of the events, transactions or circumstances enumerated in paragraphs (a) - (k) in the early warning report being filed on www.sedarplus.ca concurrently with dissemination of the press release (the "Early Warning Report").

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report. A copy of the Early Warning Report filed by the Acquiror in connection with the acquisition will be available under the Issuer's profile on the SEDAR+ website at www.sedarplus.ca. For more information, or for a copy of the Early Warning Report filed by the Acquiror, please contact the Acquiror at: (416) 818-4035.

The head office address of the Issuer is located at 20 Adelaide St. East, Suite 200, Toronto, Ontario M5C 2T6.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska project, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

The electric vehicle maker's sales unexpectedly jumped in September. Is this a turning point?

Back in April, the unthinkable happened.

Tesla (TSLA -4.58%) -- the world's largest car company by market cap, the biggest global manufacturer of electric vehicles (EVs), and the maker of the best-selling automobile on Earth in 2023 and 2024 -- posted a year-over-year quarterly delivery decline. Then in July, it happened again.

So investors were bracing for another quarter of shrinking sales when Tesla released its Q3 delivery numbers this month, but instead, the automaker blew expectations out of the water, reporting record-high deliveries of 497,099 vehicles, up 7.4% over the prior year.

So, do these record sales numbers mark a turning point for Tesla and its controversial CEO, Elon Musk? Let's not read too much into this. Here's what's really going on.

Image source: Tesla.

Beating the clock
Although Tesla is a global brand, the U.S. is its largest market, responsible for about 40% of its sales in 2024. And there was a huge incentive to buy a Tesla in the U.S. in the third quarter: The "Big Beautiful Bill" eliminated the $7,500 electric vehicle tax credit as of October. That likely pulled a lot of purchases forward from the fourth quarter into the third quarter. After all, if you know you want to buy a Tesla this year, why would you give up a huge discount by waiting until October, November, or December?

This explanation for the surge in Tesla's Q3 deliveries tracks with data from other U.S. automakers. General Motors (GM -1.60%), Ford (F -6.14%), and Stellantis (STLA 0.56%) all reported higher sales in the third quarter, largely driven by huge increases in electric vehicle sales. Ford, for example, reported an 8.2% increase in overall vehicle sales, but a much sharper increase of 19.8% in electric vehicle sales (including hybrids), led by a 39.7% increase in F-150 Lightning sales and a jaw-dropping 50.7% increase in Mustang Mach-E sales. At GM, the results were even stronger, with total Q3 vehicle sales up 8% year-over-year, but EV sales surging by 107%.

The record-breaking EV sales numbers from Tesla's rivals put its comparatively puny 7.4% sales increase in perspective.

Sales in Europe look shaky
Tesla's U.S. sales probably surged more than 7.4% in Q3, but were offset by sales declines in its other major markets like China (which accounted for about 30% of 2024 sales) and Europe (about 20% of 2024 sales). While Tesla doesn't release a breakdown of its sales by country, several European markets keep track of new Tesla registrations, which are considered a proxy for its new vehicle sales.

And, boy, do those numbers look bleak. Even though September sales were up 20.5% year over year in Denmark, for example, and 14.7% in Norway, those countries combined represented only about 2% of all Tesla sales worldwide in 2024. Elsewhere, even the bright spots weren't so bright: In September, Tesla sales rose 3.4% in Spain (also 0.9% of 2024 sales), 2.7% in France (2% of 2024 sales), and were flat in the U.K. (which at 3% of 2024 sales is Tesla's biggest European market).

Perhaps Sweden gives us the clearest picture of Tesla's European market woes, though. It only sold 210 vehicles in Sweden in August. In response, the company rolled out new sales incentives for September, including zero-interest financing and a trade-in bonus of about $4,200 per vehicle. Swedish September sales then "surged" by 721% month over month to about 1,700 vehicles, but that was still a year-over-year drop of 65% (!) compared with the 4,792 vehicles it sold in September 2024.

Brace yourself for... not much
These numbers show that Tesla's business hasn't turned a corner. If anything, it's primed for a steeper-than-ever sales decline in the fourth quarter. The federal $7,500 tax credit is no longer supporting U.S. sales, European sales are collapsing despite huge sales incentives, and the company will face a tough comparison to Q4 2024, which represented a then-record for Tesla deliveries.

Even so, the slumping sales seem unlikely to have a major effect on Tesla's stock price. The shares have declined by only single-digit percentages since the Q3 numbers came out, and the stock is still up by more than 6% year-to-date:

If recent sales declines and a bleak outlook for future sales haven't dealt major damage to Tesla's lofty share price, it's unlikely that further sales declines will have any major impact on its valuation, which is now more tied to the company's vision for autonomous Robotaxis and humanoid robots than to its electric vehicle sales.

John Bromels has positions in Ford Motor Company and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors and Stellantis. The Motley Fool has a disclosure policy.

As a smaller company than these technology giants, it has a longer runway to grow.

Investors focused solely on the gigantic artificial intelligence (AI) beneficiaries need to expand their horizons. There are more stocks than Nvidia, Palantir, or Amazon that you can own in your investment portfolio, including ones that benefit from the AI revolution.

On such stock is Coupang (CPNG -0.42%). The technology company focused on e-commerce and emerging cloud computing provider keeps posting impressive growth and is investing heavily in AI. At a market cap well under $100 billion, does that make Coupang a better AI bet than its much larger American technology peers?

The answer is clear when you look at the numbers.

World-class e-commerce in Korea, plus much more
Taking inspiration from the other e-commerce pioneers like Amazon, Coupang has built up a fortress business in South Korea defined by fast delivery, customer delight, and an ecosystem of retail offerings that trump all local competitors. Members of its online subscription service called Rocket Wow receive orders by 7 a.m. the next morning if ordered by midnight the night before, which is faster than most Amazon deliveries.

All of this is available for a small membership fee paid each month, which also provides discounts on food delivery through Coupang Eats, free delivery on grocery purchases, and a slew of other perks. It is no surprise, then, that Coupang has 23.9 million active customers in a country with a population of just 52 million. That is impressive penetration for a brand that is barely a decade old.

Now, Coupang is expanding even further as a technology and commerce provider. It acquired the distressed asset Farfetch to get a foothold in online fashion shopping, has expanded successfully into Taiwan, and recently revamped its cloud computing service focused on AI. Called the Coupang Intelligent Cloud, the company is aiming to take advantage of demand for AI workloads on data centers in Korea, especially as the government has proposed grants for homegrown data center builders.

Image source: Getty Images.

Better growth, cheaper valuation
Coupang's revenue grew 19% year over year on a foreign currency neutral basis last quarter to $8.5 billion, faster than Amazon's 10% growth for its retail operations. Other parts of Coupang's business are growing much faster, such as its expansion into Taiwan, with over 100% year-over-year revenue growth. With $32 billion in trailing revenue, Coupang is at a much earlier phase of its business life than Amazon, which should give it a longer runway to grow, especially if it expands into new geographies. Not to mention the optionality with the cloud computing business.

When looking at other AI technology stocks, Coupang's valuation is much more palatable. Nvidia has an unwieldy market cap of $4.4 trillion that will prevent the stock from being a monster winner over the long term, even though it has gone up by more than 10x for investors in the last few years. Palantir has a market cap of $424 billion and generates less than $3.44 billion in revenue.

Compare that to Coupang with a $59 billion market cap, $32 billion in revenue, and expanding profit margins that should help the company generate heaps of profits in the years to come. Coupang's investments in automation, AI, and robotics at its fulfillment centers should start to bear huge efficiency gains, which will further help the company expand its profit margins. Taken together, all these factors give Coupang stock a cheaper valuation than some of the hotter AI stocks popular with investors right now.

CPNG Revenue (TTM) data by YCharts

Is Coupang stock a better buy?
When looking at the combination of growth and size of the stock, Coupang looks like a better AI stock for investors hunting for big winners in their stock portfolio.

The company's revenue is up 170% since going public in 2021. Its market cap is just $59 billion vs. $32 billion in trailing revenue. It has plenty of irons in the fire to help revenue keep growing at a consistently strong pace over the next five years. Management is guiding for profit margins to expand to 10% or higher once the business matures.

Compare that to the huge market caps you have to buy with AI stocks like Palantir or Nvidia right now, and Coupang looks like a better buy for investors today.

Brett Schafer has positions in Amazon and Coupang. The Motley Fool has positions in and recommends Amazon, Nvidia, and Palantir Technologies. The Motley Fool recommends Coupang. The Motley Fool has a disclosure policy.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Shareholder/Analyst Call October 7, 2025 8:30 AM EDT

Company Participants

D. Walke - Senior Vice President of Investor Relations
Brett Monia - Founder, CEO & Director
Sotirios Tsimikas - Senior Vice President of Global Cardiovascular Development
Kyle Jenne - Executive VP & Chief Global Product Strategy Officer
Kenneth Newman - Senior Vice President of Clinical Development
Holly Kordasiewicz - Senior Vice President of Neurology
Elizabeth L. Hougen - Executive VP of Finance & CFO

Conference Call Participants

Robert D. Fishberg
Huidong Wang - Barclays Bank PLC, Research Division
Yanan Zhu - Wells Fargo Securities, LLC, Research Division
Jason Gerberry - BofA Securities, Research Division
Debjit Chattopadhyay - Guggenheim Securities, LLC, Research Division
Jay Olson - Oppenheimer & Co. Inc., Research Division
Arsalan Kamran
Salveen Richter - Goldman Sachs Group, Inc., Research Division
Jessica Fye - JPMorgan Chase & Co, Research Division
Julian Pino - Stifel, Nicolaus & Company, Incorporated, Research Division
Yale Jen - Laidlaw & Company (UK) Ltd., Research Division
Shelby Tucker
Ryan Mcelroy - Leerink Partners LLC, Research Division
Zaki Molvi - Jefferies LLC, Research Division

Conversation

D. Walke
Senior Vice President of Investor Relations

Good morning, and welcome, everyone, to Ionis Pharmaceuticals 2025 Innovation Day. I'm Wade Walke, Head of Investor Relations. And it's great to see so many of you here in the room with us today. We'd also like to welcome those who are joining us today online via our webcast.

Every 2 years, we host this meeting in order to give you an update on the progress we're making on our goal to transform the lives of people with unmet -- severe unmet medical needs. And today, we are thrilled to showcase how we are leveraging our technology, our pipeline and our medicines to accelerate growth and to deliver transformative medicines to patients.

Before we begin, a brief note that we will be making forward-looking statements today that are

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Coming into today, shares of the company had gained 98.71% in the past month. In that same time, the Business Services sector lost 0.66%, while the S&P 500 gained 4.06%.

The upcoming earnings release of Cipher Mining Inc. will be of great interest to investors. The company's earnings per share (EPS) are projected to be -$0.08, reflecting a 69.23% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $75.48 million, indicating a 213.2% upward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.36 per share and a revenue of $264.16 million, indicating changes of -157.14% and +74.63%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Cipher Mining Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 14.74% lower. Cipher Mining Inc. is holding a Zacks Rank of #4 (Sell) right now.

The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 89, placing it within the top 37% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

In the latest close session, Fiverr International (FVRR - Free Report) was down 2.12% at $23.51. The stock fell short of the S&P 500, which registered a loss of 0.38% for the day. Meanwhile, the Dow experienced a drop of 0.2%, and the technology-dominated Nasdaq saw a decrease of 0.67%.

The online marketplace for freelance services's stock has dropped by 0.78% in the past month, exceeding the Retail-Wholesale sector's loss of 2.39% and lagging the S&P 500's gain of 4.06%.

Market participants will be closely following the financial results of Fiverr International in its upcoming release. The company's upcoming EPS is projected at $0.7, signifying a 9.38% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $108.04 million, up 8.44% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.8 per share and revenue of $432.78 million, indicating changes of +17.65% and +10.55%, respectively, compared to the previous year.

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In terms of valuation, Fiverr International is presently being traded at a Forward P/E ratio of 8.59. This signifies a discount in comparison to the average Forward P/E of 21.5 for its industry.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 38, which puts it in the top 16% of all 250+ industries.

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In the latest trading session, Teradyne (TER - Free Report) closed at $140.14, marking a -5.23% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.38%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 0.67%.

Prior to today's trading, shares of the maker of wireless products, data storage and equipment to test semiconductors had gained 24.36% outpaced the Computer and Technology sector's gain of 7.44% and the S&P 500's gain of 4.06%.

The investment community will be paying close attention to the earnings performance of Teradyne in its upcoming release. The company's earnings per share (EPS) are projected to be $0.78, reflecting a 13.33% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $744.48 million, indicating a 0.97% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $3.13 per share and a revenue of $2.89 billion, demonstrating changes of -2.8% and +2.61%, respectively, from the preceding year.

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Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Teradyne currently has a Zacks Rank of #4 (Sell).

Looking at valuation, Teradyne is presently trading at a Forward P/E ratio of 47.23. Its industry sports an average Forward P/E of 21.33, so one might conclude that Teradyne is trading at a premium comparatively.

We can also see that TER currently has a PEG ratio of 3.11. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Electronics - Miscellaneous Products industry had an average PEG ratio of 1.89.

The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 46, placing it within the top 19% of over 250 industries.

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In the latest trading session, Lucid Group (LCID - Free Report) closed at $22.01, marking a -8.37% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.38%. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 0.67%.

The an electric vehicle automaker's stock has climbed by 30.26% in the past month, exceeding the Auto-Tires-Trucks sector's gain of 18.68% and the S&P 500's gain of 4.06%.

Analysts and investors alike will be keeping a close eye on the performance of Lucid Group in its upcoming earnings disclosure. The company's earnings report is set to go public on November 5, 2025. The company is predicted to post an EPS of -$2.33, indicating a 43.17% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $325.59 million, indicating a 62.76% upward movement from the same quarter last year.

LCID's full-year Zacks Consensus Estimates are calling for earnings of -$8.89 per share and revenue of $1.26 billion. These results would represent year-over-year changes of +28.88% and +55.98%, respectively.

It's also important for investors to be aware of any recent modifications to analyst estimates for Lucid Group. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

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The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Lucid Group boasts a Zacks Rank of #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 93, which puts it in the top 38% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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B2Gold (BTG - Free Report) ended the recent trading session at $5.24, demonstrating a -1.69% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.38%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 0.67%.

Shares of the gold, silver and copper miner witnessed a gain of 24.24% over the previous month, beating the performance of the Basic Materials sector with its gain of 0.97%, and the S&P 500's gain of 4.06%.

Market participants will be closely following the financial results of B2Gold in its upcoming release. On that day, B2Gold is projected to report earnings of $0.18 per share, which would represent year-over-year growth of 800%.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.59 per share and revenue of $3.21 billion. These totals would mark changes of +268.75% and +68.7%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for B2Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 1.73% rise in the Zacks Consensus EPS estimate. B2Gold currently has a Zacks Rank of #3 (Hold).

With respect to valuation, B2Gold is currently being traded at a Forward P/E ratio of 9.06. Its industry sports an average Forward P/E of 16.91, so one might conclude that B2Gold is trading at a discount comparatively.

The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 48, putting it in the top 20% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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M/I Homes (MHO - Free Report) closed at $136.23 in the latest trading session, marking a -4.77% move from the prior day. This move lagged the S&P 500's daily loss of 0.38%. Elsewhere, the Dow saw a downswing of 0.2%, while the tech-heavy Nasdaq depreciated by 0.67%.

Shares of the homebuilder witnessed a loss of 9.01% over the previous month, trailing the performance of the Construction sector with its loss of 1.68%, and the S&P 500's gain of 4.06%.

Investors will be eagerly watching for the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 22, 2025. On that day, M/I Homes is projected to report earnings of $4.37 per share, which would represent a year-over-year decline of 14.31%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.12 billion, down 2.27% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $17.25 per share and a revenue of $4.39 billion, demonstrating changes of -12.48% and -2.57%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for M/I Homes. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

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The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. M/I Homes presently features a Zacks Rank of #3 (Hold).

With respect to valuation, M/I Homes is currently being traded at a Forward P/E ratio of 8.29. This expresses a discount compared to the average Forward P/E of 11.95 of its industry.

The Building Products - Home Builders industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 214, placing it within the bottom 14% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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In the latest trading session, Archer Aviation Inc. (ACHR - Free Report) closed at $12.48, marking a -8.5% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.38% for the day. Meanwhile, the Dow experienced a drop of 0.2%, and the technology-dominated Nasdaq saw a decrease of 0.67%.

Coming into today, shares of the company had gained 60.28% in the past month. In that same time, the Aerospace sector gained 5.41%, while the S&P 500 gained 4.06%.

The upcoming earnings release of Archer Aviation Inc. will be of great interest to investors. The company is forecasted to report an EPS of -$0.2, showcasing a 16.67% upward movement from the corresponding quarter of the prior year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.78 per share and revenue of $0 million, indicating changes of +30.97% and 0%, respectively, compared to the previous year.

It is also important to note the recent changes to analyst estimates for Archer Aviation Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Archer Aviation Inc. is currently sporting a Zacks Rank of #4 (Sell).

The Aerospace - Defense industry is part of the Aerospace sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 36% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

In the latest close session, Lightspeed Commerce Inc. (LSPD - Free Report) was down 2.51% at $11.65. This change lagged the S&P 500's 0.38% loss on the day. Elsewhere, the Dow lost 0.2%, while the tech-heavy Nasdaq lost 0.67%.

Shares of the company witnessed a loss of 1.48% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 7.44%, and the S&P 500's gain of 4.06%.

Analysts and investors alike will be keeping a close eye on the performance of Lightspeed Commerce Inc. in its upcoming earnings disclosure. On that day, Lightspeed Commerce Inc. is projected to report earnings of $0.11 per share, which would represent a year-over-year decline of 15.38%. Our most recent consensus estimate is calling for quarterly revenue of $313.65 million, up 13.16% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $0.42 per share and revenue of $1.21 billion, which would represent changes of -6.67% and +12.06%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Lightspeed Commerce Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 65.79% upward. Currently, Lightspeed Commerce Inc. is carrying a Zacks Rank of #5 (Strong Sell).

Looking at its valuation, Lightspeed Commerce Inc. is holding a Forward P/E ratio of 28.32. This signifies a discount in comparison to the average Forward P/E of 30 for its industry.

It's also important to note that LSPD currently trades at a PEG ratio of 1.72. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 2.35.

The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 81, which puts it in the top 33% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

TORONTO, Oct. 07, 2025 (GLOBE NEWSWIRE) -- McEwen Copper Inc., 46.4% owned by McEwen Inc. (NYSE, TSX: MUX) is pleased to announce positive results from the independent Feasibility Study (FS) for its 100%-owned Los Azules copper project in San Juan, Argentina.

The FS confirms Los Azules as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability. The project design advances Los Azules toward construction readiness within a framework that reduces its environmental footprint. Project risk has been further reduced through a strategic collaboration agreement with IFC to potentially lead debt financing and additional funding proposals for infrastructure and construction.

With these results, Los Azules is positioned to become a supplier of responsibly produced copper, critical to the global energy transition towards a low-carbon sustainable future.

“The Los Azules Feasibility Study is more than a technical milestone - it’s a blueprint for the future of copper mining. We have delivered a plan for a long-life asset that will play a role in the world’s clean-energy transition. Copper is the foundation of electrification and the modern world, and Los Azules is ready to contribute to that global supply chain - responsibly, efficiently, and profitably,” said Rob McEwen, Chairman and Chief Owner of McEwen Inc.

“With this Feasibility Study, our team has transformed the geological potential of Los Azules into a clear, actionable development plan. This work gives us confidence in the project’s design, costs, and schedule, providing the foundation for the next stage of growth.

“Having significant experience with large-scale construction and mining operations in Argentina, I am confident that we have the right plan, the right team, and the right partnerships to develop Los Azules. Together with our local communities and government partners, we aim to create Argentina’s first regenerative copper mine - a model for responsible and innovative mining,” said Michael Meding, Vice President of McEwen Copper and General Manager of Los Azules.

This press release starts with the FS Highlights below, followed by Footnotes, a Glossary of Terms, Units and Abbreviations and continues with a detailed account of the study in a Technical Appendix.

FS Highlights

Simple Takeaways

Economics After-tax(1):
NPV(8%) $2.9B
IRR 19.8%
Payback Period 3.9 yrs
Initial Capital $3.17BCopper Cathode Production(2):
Average Years 1–5 204,800 tonnes per year (451M lbs/yr)
Life of Mine 21 years
Average Production 148,200 t/yr (327M lbs/yr)Costs:
C1 cash cost $1.71/lb
AISC $2.11/lbScale – Reserves and Resources(3):
Mineral Reserves
- Proven & Probable 10.2B lbs Cu (1.02 B tonnes at 0.45% Cu)Mineral Resources (

exclusive of Reserves)
- Measured & Indicated 5.4B lbs Cu (0.97 B tonnes at 0.26% Cu)
- Inferred 20.0B lbs Cu (4.24 B tonnes at 0.21% Cu) Capital Intensity Using:
LOM Capital &
Production $1,600/t Cu
Initial Capital &
Avg. Annual Production $20,200/t Cu per yr Designed for Low Impact

Leach + SX/EW process produces 99.99% copper cathodes (LME Grade A) on site (no smelter required).Project design provides: 
- 72% lower mine-to-metal carbon intensity than industry average for mine-to-metal 
- 100% renewable power(4) (wind, hydro, solar) 
- 74% less water use than conventional milling
- No tailings dam Carbon-neutral (Scopes 1 & 2) goal by 2038. De-risked Regulatory Status

Environmental Impact Statement EIA (Environmental Permit) for construction and operation was approved by the San Juan Provincial Government's Ministry of Mines in December, 2024.Accepted into Argentina’s Large Investment Incentive Regime (RIGI) in September, 2025, providing tax, foreign exchange and customs stability for 30 years, legal certainty, foreign exchange regulations allowing to leave export proceeds abroad in increasing steps that will reach 100% by the time the project starts exports and access to international arbitration in case of disputes. Ownership & Partners

Ownership: McEwen Inc. 46.4%, Stellantis 18.3%, Nuton (Rio Tinto) 17.2%,
Rob McEwen 12.7%, Victor Smorgon Grp 3%, Others 2.4%.Preliminary finance proposals from Tier-1 OEMs (Komatsu, Sandvik & others), YPF Luz, European ECAs, and a collaboration agreement with IFC(5) to align with IFC’s ESG standards and for potential financing. Indicative proposals could support $1.1B+(6) in equipment and infrastructure financing. Future Growth Opportunities Beyond the FS

Nuton® leaching technology (Rio Tinto venture) could allow processing of primary ores with the existing infrastructure (indicative recoveries >76%), or a Conventional Concentrator could also provide higher copper recoveries, plus recover gold and silver as well. Either process could extend mine life by 30+ years by economically treating primary sulfides. Neither of these opportunities are included in the FS base case.Exploration has shown that there are four porphyry targets near the Los Azules deposit that could provide further extension to the mine life. Exploration of the newly identified targets will start in Q4 2025. High-priority targets near Los Azules include Tango, Porfido Norte, Franca, and Mercedes. Timeline & Next Steps

FS NI 43-101 Technical Report to be filed: within 45 days(7).Water concession: application under review.Construction target: 2026 → SX/EW startup: 2029 → First copper: 2030. Footnotes to Highlights

(1) NI 43-101 feasibility study using a copper price of $4.35/lb or $9,592/ tonne for cash flow modeling.

(2) Average copper recovery is 70.8% over the life of mine.

(3) For additional details on the calculation of Mineral Resources and Mineral Reserves see Section 3 of the Technical Appendix, Mineral Resource & Reserve Estimates.

(4) Power supply 100% renewable, with 48% lower electricity demand than a conventional concentrator.

(5) Collaboration agreement signed with IFC to align with IFC’s ESG standards for potential future financing, an important milestone in McEwen Copper’s broader financing strategy.

(6) Preliminary financing proposals from Tier-1 OEMs, YPF Luz, and European ECAs could provide $1.1B+ in equipment and infrastructure support.

(7) The FS NI 43-101 Technical Report will be filed within 45 days on SEDAR and McEwen Inc.’s website at https://www.mcewenmining.com/investor-relations/reports-and-filings.

ABOUT MCEWEN INC.
McEwen Inc. shares trade on both the NYSE and TSX under the ticker MUX.

It provides 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 of the world, the Cortez Trend in Nevada, USA, the Timmins district of Ontario, Canada and the Deseado Massif in Santa Cruz province, Argentina. McEwen Inc. is considering reactivating a gold and silver mine in Mexico.

It has a 46.4% interest in the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038.

Rob McEwen, Chairman and Chief Owner, has a personal cost basis for his investment in the companies of over $200 million and takes a salary of $1 per year, aligning his interests closely 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 Ernest & Young Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value and eventually implement a dividend policy, as he did while building Goldcorp Inc.

ABOUT MCEWEN COPPER
McEwen Copper Inc. is a Canadian-based private company with a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek copper/gold project in Nevada, USA.

Based on S&P Global data for 2024, Los Azules projected annual production would rank it as the 26th worldwide, once in production, placing it in the top 6% of all 423 copper producers. The project also ranks 10th globally in terms of total Mineral Resources among all undeveloped copper porphyry deposits (company disclosure).

Los Azules is being designed to provide a model to the industry for a more sustainable, low-carbon future and to help improve public perception of mining by fundamentally differing from conventional copper mines –substantially reducing water consumption and carbon emissions and operating on 100% renewable electricity once in production.

Glossary of Terms, Units and Abbreviations

AISC - All-In Sustaining Cost (C1 + sustaining capital + royalties + taxes)

Approx. - Approximately

B - billion

Blb - billion pounds

Copper cathode - High-purity (typically 99.99%) of refined copper sheets (LME Grade A) produced through an electrolytic refining process. This finished product serves as a primary raw material for high-quality copper products, such as wires, tubes, and various alloys.

CO₂-e/t Cu - Kilograms of CO₂ equivalent per tonne of copper

Cu - copper

C1 Costs - Direct cash costs of production

EIA - Environmental Impact Assessment

FS – Feasibility Study

GHG Emissions - Greenhouse gas emissions (CO₂-equivalent)

Heap Leach - Process of extracting metals by percolating acid through ore piles

Hypogene or Primary - Refers to mineralization formed by ascending hydrothermal fluids deep below the surface, usually at high temperature and pressure

IFC - International Finance Corporation

IRR (Internal Rate of Return) - Rate at which NPV = 0

ktpa - 1,000 tonnes per annum

km - kilometer

lb - pound (0.4536 kg)

leach project - project using heap leach process

LOI - Letter of Intent

LOM - Life of Mine

L/s - 1 liter per second

m - meter

M - million

MW – megawatt (1,000,000 watts)

Mlb - million pounds

NPV (Net Present Value) - Present value of future cash flows discounted at 8%

NSR – (Net Smelter Return) - a royalty based on a percentage of metal produced based on the metal sale proceeds less the cost of refining at an off-site refinery (Metal Price × Payable Metal Content) − (Treatment Charges + Refining Charges + Penalties + Transport/ Insurance/ Marketing Costs)

NTP – Notice to Proceed

Nuton® - Rio Tinto’s proprietary Nuton technology

OEM - Original Equipment Manufacturer

oz - troy ounce (31.1 grams)

Primary or Hypogene – Refers to the original ore minerals formed during the initial geological processes (e.g., magmatic or hydrothermal activity). Primary mineralization is typically found at depth and is unaltered by surface weathering.

RIGI - Argentina’s Large Investment Incentive Regime

SX/EW - Solvent Extraction / Electrowinning

Secondary - Refers to ore minerals or enrichment formed after the primary (hypogene) stage, usually by supergene processes (weathering, oxidation, and downward percolation of fluids near the surface).

Soluble Copper (CuSOL) – the amount of copper assayed using sequential methodology that includes acid soluble and cyanide soluble assayed components. Acid soluble copper generally represents readily acid dissolvable oxide, carbonate and similar copper minerals. Cyanide soluble copper generally represents secondary copper minerals that are readily leached with commercial bioleach technology (chalcocite, digenite, covellite)

Supergene - Secondary ore minerals formed near the Earth’s surface through weathering, oxidation, and groundwater movement. Metals are leached from upper zones and reprecipitated at depth, often creating an enriched zone of higher-grade mineralization.

Total Copper (CuT) – the amount of copper contained in all mineral forms in the deposit by conventional assaying methodology. Total copper includes the soluble copper component.

t - tonne (1,000 kg)

yr - year

Technical Appendix

The information in this appendix is provided for technical readers and analysts.

1. Project Overview
Property Description
Exploration Targets
A Sustainable Approach

2. Copper Price Assumption 

3. Mineral Resource & Reserve Estimates
Updated Mineral Resource Estimate
Maiden Proven and Probable Mineral Reserve Estimate

4. Metallurgy & Recovery

5. Economic Analysis
Economic Metrics
Sensitivity Analysis

6. Capital & Operating Costs
Capital Costs Estimates
YPF Funding Power Supply
Operating Costs Estimates

7. ESG & Sustainability

8. Permitting & Regulatory Status

9. Development Timeline

10. Nuton® Opportunity

11. Strategic Partnerships

12. Study Contributors and Qualified Persons

13. End Notes

1. Project Overview
Property Description
Located in Calingasta District, San Juan Province, Argentina, on the border with Chile. The Los Azules copper project is a classic Andean-style porphyry copper deposit. The large hydrothermal alteration system spans at least 5 kilometers (km) by 4 km, elongated along a north-northwest major structural corridor. The Los Azules deposit area itself is approximately 4 km long by 2.2 km wide and lies within the alteration zone.

The limits of the Los Azules mineralization along strike to the North and at depth have not yet been defined. Near-mine primary or hypogene copper mineralization extends to at least 1,000 m below the surface. Near surface, leached primary sulfides (mainly pyrite and chalcopyrite) were redeposited below the water table in a sub-horizontal zone of supergene enrichment as secondary chalcocite and covellite. Hypogene bornite appears at deeper levels together with chalcopyrite. Gold, silver, and molybdenum are present in small amounts, however copper is the economic driver at Los Azules.

Exploration Targets
Porphyry exploration targets near to Los Azules include Tango, Porfido Norte, Franca, and Mercedes. They are a priority for next season’s exploration (see Figure 1). These targets offer the potential to enlarge the size of resources and extend the life-of-mine beyond that presented in this study.

The Franca target, with high-grade intercepts, shows the potential to extend the Los Azules resource to the northeast. The Mercedes target west of Los Azules has hydrothermal alteration and similar surface geology to Los Azules and has the indication to be another hidden porphyry, like Los Azules. Porfido Norte is a target that is located along the main Los Azules structural corridor with indications of a suitable intrusive suite of rocks with hydrothermal alteration. Finally, the Tango target will be mapped in detail to better understand the potential drill targets.

Figure 1: Los Azules deposit (outlined in blue), and exploration targets Mercedes, Porfido Norte, Franca and Tango (black squares). Satellite image with Total Magnetic Intensity map.

Heap Leach SX/EW — The Preferred Path Forward

The FS is based on a heap leach process using solvent extraction-electrowinning (SX/EW) to produce 99.99% copper cathodes (LME Grade A equivalent) for sale in Argentina or international markets. There are three principal reasons why the implementation strategy remains a leach project, as in the 2023 PEA(11):

Environmental Footprint: Process water consumption is 74% lower than a milling operation (158 L/s LOM average vs. 600 L/s). Net electricity demand is 48% lower than a concentrator (119 MW vs. 230 MW). GHG emissions are 72% lower than the average mining operation (1,082 vs. 3,930 kg CO2-e/t Cu for Mine-to-Metal(12), with a roadmap to achieve further reductions through new technologies, with the ultimate goal of reaching net-zero carbon by 2038 with some offsets. Los Azules copper cathodes will thus be attractive to end-users seeking to measurably reduce their upstream environmental impacts.Reduced Permitting Risk: With the approval of our Environmental Impact Assessment on December 3, 2024, and the approval of our application for the Large Investment Incentive Regime (RIGI) on September 26, 2025, and the expected approval of our Water Concession permit for operations, Los Azules is well positioned to begin construction. The project uses heap leach technology that is well accepted in the San Juan Province today. It also eliminates tailings and tailings dams, conserves scarce water resources, and reduces the overall complexity of the mine, optimizing the permitting process.Producing Cathodes: The leach process will produce LME Grade A copper cathodes, which can be used directly in the fabrication of copper products, both within Argentina and internationally. The production of copper cathodes eliminates reliance on third party foreign smelters for the processing of concentrates into refined copper products. It also eliminates significant GHG emissions associated with transportation, and pollution associated with smelting. Counterparty and pricing risks are also reduced. A Sustainable Approach

The FS marks another significant step toward our goal of reducing our environmental footprint. Greater environmental and social stewardship sets our project apart from other potential mine developments, which appropriately justifies certain economic trade-offs. Trade-offs to achieve the environmental benefits of heap leaching are lower overall copper recovery, slightly higher unit costs, and less immediate cashflow due to extended leach cycles. Nevertheless, the leach project remains economically attractive. Furthermore, McEwen Copper believes that some of these drawbacks can be mitigated by implementing developing technologies such as the Nuton® Technology, discussed below. Additionally, trolley-assist haulage, conveyor waste haulage, and In-Pit Crush and Convey (IPCC) will be further evaluated during the detailed engineering stage to continue to reduce the mine’s carbon footprint. Additionally overall CAPEX is lower than comparable concentrators.

The team has also worked safely with 1,848,632 man-hours worked since our last Lost Time Incident and since January of 2022 we have worked a total of 2,367,891 man-hours to achieve this study result.

We developed regenerative guiding principles to frame our approach to sustainable innovation and set high-reaching goals addressing all facets of the mining and processing options considered for Los Azules. The project development seeks to significantly reduce the environmental footprint of mining operations and their associated GHG emissions by integrating the latest renewable and environmentally responsible technologies and processes. The project has letters of intent (LOIs) to obtain 100% of its energy from renewable sources (wind, hydro, and solar), primarily from YPF Luz, using a combination of off-site and onsite installations. The project is also seeking to have long-term net positive impacts on the greater Andean ecosystem, local flora and fauna, the lives of miners, and citizens of nearby communities, while contributing positively to the local and national economy of Argentina. Refer to the full FS NI 43-101 Technical Report for more information about our regenerative approach.

2. Copper Price Assumptions
The copper price used for mineral reserves in the FS was $4.25 per pound and $4.80 per pound for mineral resources, in line with analysts’ consensus projections for long-term copper prices that range between $3.55 and $5.00 per pound, with a median price of $4.25 per pound. The mineral resource price was set at 113% of the mineral reserve price.

Economics in the cashflow model were analyzed at $4.35 per pound copper. This reflects analysts’ consensus at the time of publication of the feasibility study.

3. Mineral Resource & Reserve Estimates
The FS includes an updated independent Mineral Resource and a maiden Mineral Reserve estimate, which contains a Mineral Resource of 5.4 B lbs Cu Measured and Indicated (965.5 million tonnes at grade 0.255% Cu) and 20.0 B lbs Cu Inferred (4,239.3 million tonnes at grade 0.214% Cu) (exclusive of Reserves), and a maiden Mineral Reserve of 10.2 B lbs Cu Proven and Probable (1,023.1 million tonnes at grade 0.453% Cu).

This study provides an update on the work done for the 2023 Los Azules PEA. Drilling more than 120,000 meters with more than 2.3 M man-hours worked in the last three seasons has upgraded the resource categories to allow us to present a Mineral Reserve in the FS similar to the 1.182 B tonnes of mineable Mineral Resources containing 10.9 B lbs Cu in the 2023 PEA. This achievement included a campaign during the 2023/2024 season with 70,000 meters drilled and up to 23 rigs operating simultaneously at site.

This program was executed in collaboration with seven drilling contractors, including two local ventures that were operating LF160 Boart Longyear rigs owned by McEwen Copper. During this period, the company also acquired the largest fleet of LF160s in South America and assembled a highly trained team to support the ambitious drilling program.

Maiden Proven and Probable Mineral Reserve Estimate
The Los Azules project is to be developed as a large-scale open pit mining operation. 1.02 billion tonnes of ore will be mined at average diluted head grades of 0.45% Cu and a strip ratio of 1.65:1 over a 21-year mine life including pre-production and stockpile reclaim plus 2 years of leaching operation production.

Given the concern about the geotechnical stability of the ultimate pit slopes, several consultants reviewed the data, and E-Mining Technology ultimately provided the analysis that was used to design the pit. The significant amount of drilling, review of core, and analysis resulted in a delay in the delivery of the feasibility study but has improved the confidence in the design basis for the open pit. The ultimate slopes will not be mined for several years into the mine life, which allows time for additional geotechnical work to be done to improve the understanding of the rock qualities that can support those design parameters for interim and ultimate pit phases.

The Los Azules pit will be mined in 12 phases. Eighteen geotechnical sectors were defined with overall slope angles ranging from 32 to 37 degrees, according to E-Mining Technology’s geotechnical study. The shallowest overall slope angles are in the north and south of the pit, as well as in the bottom portion of the eastern side, due to a fault‑weakened zone.

Large electrically powered hydraulic shovels will be used in combination with ultra-class 360-tonne haul trucks. These are sized to mine 15-meter-high benches. To maximize productivity, efficiency and safety in a high altitude environment, the drills and haul trucks will be autonomously operated.

The Mineral Reserves for Los Azules are updated and stated in Table 1. Measured mineral resources and Indicated mineral resources were converted to Proven and Probable mineral reserves, respectively. Ore reserves were estimated using long-term metal price estimates of $4.25/ lb Cu.

Table 1: Mineral Reserve Statement, Effective Date September 3, 2025   GradeContained MetalReserve ClassTonnage (Kt)Total Cu %Soluble Cu %Cu M lbProven229,8790.6830.4953,463Probable793,1730.3860.2596,754Total1,023,0520.4530.31210,217 Table 1 Notes:

The Qualified Person for the Mineral Reserve estimates is Gordon Zurowski P.Eng., an AGP employee. Mineral Reserves have an effective date of 03 September 2025. Mineral Reserves are reported on a 100% basis.Mineral Reserves are estimated assuming open pit mining methods and include dilution. Recoveries were based on the extractions shown in Figure 2. Pit slopes vary by sector and range from 32° to 37°. The cut-off is variable and ranges from $4.79/t NSR to $7.23/t NSR. The copper price used was $4.25/lb Cu. Cu recovery varies by lithology. Mining costs vary by bench with a minimum of $2.14/t and a maximum of $4.11/t. Processing costs are variable and range from $3.18/t to $5.62/t leached. The processing costs include: $1.61/t G&A, $0.43/t leached for sustaining capital, and $0.15/t leached to account for closure cost. Copper cathode sales cost is $0.02/lb Cu. Copper cathode was assumed to be sold FOB the mine site.
Updated Mineral Resource Estimate
The database for resource estimation has a cutoff date of March 27, 2025. An additional 1,075 meters of drilling from four geotechnical holes, completed from early 2025 to date, were not included in the resource estimate.

The mineral resources have been classified according to guidelines and logic set out in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM 2019) Definitions referred to in NI 43-101. Resources were classified as Measured, Indicated or Inferred by considering the geology, sampling, and grade estimation aspects of the model. For geology, consideration was given to the confidence in the interpretation of the lithologic domain boundaries and geometry. For sampling, consideration was given to the number and spacing of composites, the orientation of drilling and the reliability of sampling. For the estimation results, consideration was given to the confidence with which grades were estimated, as measured by the quality of the match between the grades of the data and the model.

Mineral resources are determined using an NSR cut-off value to cover the processing cost for each recovery methodology. For supergene and primary material using sulfuric acid leaching and SX/EW recovery, a marginal cut-off was used that was variable ranging from $4.79/t NSR to $7.23/t NSR. The supergene and primary material can be treated in a float mill with NSR cutoffs of $5.13/t and $5.11/t, respectively. NSR values are based on a copper price of $4.80/lb, gold at $2,500/oz and silver at $32/oz where applicable. Variable pit slopes between 32° and 37° were applied depending on sector.

The current database is sufficient for preparing a long-range model that will serve as a basis for modeling associated with completing the FS. The extent of mineralization along strike exceeds three kilometers, and the distance across strike is approximately one kilometer. The deposit is open at depth. Over the approximately 2.5 km strike length where mineralization is strongest, the average drill spacing ranges from approximately 50 meters to more than 120 meters. The central core of the enriched zone is drilled at an approximate 50 m spacing. The assay database considers 627 drillholes with 132,255 meters of assayed intervals. Resource estimation work was performed using Datamine Studio software.

Resources disclosed in Table 2 are reported in two categories related to processing amenability:

1) materials that are suited for processing in a commercially proven conventional, ambient conditions, copper bio-leaching scheme (Leach); and

2) materials that are better suited to processing either in a more advanced bio-leaching scheme such as Nuton® Technology or traditional milling/concentrator approach (Mill or Leach+).

Table 2: Mineral Resources (Exclusive of Mineral Reserves), Effective Date September 3, 2025  Million
tonnes (MT)Average GradeContained Metal   CuT
%CuSol
%Au
(g/t)Ag
(g/t)Cu
(Blbs)Au
(Moz)Ag
(Moz)Measured & IndicatedSupergene Leach251.90.3030.167--1.7- - Supergene Mill or Leach+77.60.1080.0420.041.110.20.12.8Primary Mill or Leach+635.90.2550.0460.051.173.60.923.8Total
Measured & IndicatedLeach & Mill or Leach+965.50.2550.077  5.41.026.6InferredSupergene Mill or Leach+601.10.2920.1310.041.323.90.925.5Primary Mill or Leach+3,638.20.2010.0270.041.0616.14.9124.5Total
InferredLeach & Mill or Leach+4,239.3 0.214 0.042   20.0 5.7 149.9 Notes to Table 2:

The Qualified Person for the Mineral Resource estimate is Jeff Sullivan – CRM-SA, LLC. Mineral Resources have an effective date of September 3, 2025. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors.The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is expected that further infill drilling will result in upgrading the majority of this material to an indicated or measured classification.Reasonable prospects of eventual economic extraction are demonstrated by using a calculated NSR value in each block to evaluate an open pit shell using Measured, Indicated and Inferred blocks in Geovia Whittle™ pit optimization software. Mining costs vary by bench with a minimum of $2.14/t and a maximum of $6.38/t.NSR was calculated using the following: metal prices of $4.80/lb for copper, $2,500/oz for gold and $32/oz for silver, Processing costs are variable and range from $3.18/t to $5.62/t leached. Milling process cost are $5.13/t for supergene and $5.11/t for primary ores. Total freight costs of $150/t for concentrate, selling costs of $0.02/lb for copper.A marginal cut-off was used that was variable ranging from $4.79/t NSR to $7.23/t NSR based on extraction of the resource from the enriched zone using sulfuric acid leaching and SX/EW recovery; the recovery was calculated using the extractions shown in Figure 2 and applying a 95% operational efficiency.The supergene and primary material can potentially be treated in a mill/concentrator with NSR cut-offs of $5.13/t for supergene and $5.11/t for primary respectively. The mill has the added benefit of also recovering the gold and silver present in the resource. Additional parameters are used for the NSR calculation for this scenario. Mill recoveries for the secondary copper resources were 89.3% and for the primary resources were 93.2%.  Depending on the potential depth of the pit, total pit slope angles ranged from 32° to 37° depending on the sector. Overburden slopes were set at 32°.Composites of 2 m length were capped where needed; the capping strategy is based on the distribution of grade which varies by location (i.e. domain or proximity to controlling structures) and the associated potential metal removal. The resource estimate is based on uncapped copper grades; local capped grades are used for gold and silver.Block grades were estimated using a combination of ordinary Kriging and inverse distance squared weighting depending on domain size.Model blocks are 20 m x 20 m x 15 m in size. 4. Metallurgy & Recovery
The metallurgical development for the Los Azules feasibility was completed in three phases:

Phase 1: Baseline testing from the test work program outlined in the 2023 PEA.

Phase 2: Testing using samples from the 2021–2022 drilling campaigns, to expand the variability database from Phase 1 and to extend the geometallurgical data set to include lithologic domains.

Phase 3: Scale-up validation using samples from the 2022-2023 exploration campaigns, to validate scale-up from the baseline 3-meter columns to the planned 9-meter bench height of the heap leach pad and to confirm extraction within the test programs. The Phase 3 master composites were built by lithologic domain and were pulled from within the pit shell for the initial five years of operation. Additional samples were collected from the 2023-2024 exploration campaign from holes drilled vertically.

The metallurgical work completed to date provides comprehensive understanding of the expected performance characteristics of the Los Azules deposit. The anticipated copper extractions shown in Figure 2 are utilized in the block model to calculate NSR value for each block in conjunction. Copper recovered to cathodes will consider a heap efficiency and inventory factor of 95% of the extractable copper, based on general experience and industry practice.

Figure 2: All 360-day column extraction data plotted as soluble copper (CuSOL) to total copper (CuT) ratio of the head grade broken out by lithology and ratios.

Notes: IMP = Intermineral Porphyry, IMP BX = IMP Breccia, DIO = Diorite, EMP = Early Mineral Porphyry, and EMP BX = EMP Breccia

The expected overall total copper recovery is approximately 70.8% and is distributed over a three-year timeframe from placement on the leach pad to account for the timing of active leaching cycles as the pad is constructed. The copper extraction methodology best reflects the potential variability related to host rock materials and the expected variability related to copper grades, mineralogy and recovery that can be practically applied in the mining modeling. In the opinion of the QP, the metallurgical test work and analysis support the metallurgical assumptions provided and used in the mineral reserve statement, the feasibility mine plans, and the economic analysis presented in this report.

Processing of the primary ores can be achieved by using both the Nuton process, alternative leaching processes such as chloride leaching or by using a conventional milling operation to produce concentrates. The advantage of conventional milling is the additional revenue from the recovered gold and silver from the deposit. The next stage of metallurgical test work will include sufficient work to evaluate the processing method to be used for the primary ores during the detailed engineering and initial operations phase.

5. Economic Analysis
Economic Metrics
All currency shown in the FS is expressed in constant Q2 2025 United States Dollars unless otherwise noted.

The Business Case for the leach project uses a copper price assumption of $4.35/lb. Summary results are provided below in Table 3.

Table 3: Project Metrics – Business Case Project MetricUnitNumberMine LifeYears21Tonnes ProcessedBillion tonnes1.023Tonnes Waste MinedBillion tonnes1.684Strip Ratio 1.65Total Copper Grade (CuT)% CuT0.453%Soluble Copper Grade (CuSOL)% CuSOL0.312%Total Copper Recovery%70.8%Copper Production (LOM avg.)tonnes/yr148,200Copper Production (Yrs 1-5)tonnes/yr204,800Copper Production – cathode Cuktonnes3,279Initial Capital CostUSD Millions$3,168Sustaining Capital CostUSD Millions$2,131Closure CostsUSD Millions$386C1 Cost (Life of Mine)USD/lb Cu$1.71All-in Sustaining Costs (AISC)USD/lb Cu$2.11Before Taxes  Net Cumulative CashflowUSD Millions$12,721Internal Rate of Return (IRR)%24.3%Net Present Value (NPV) @ 8%USD Millions$4,280After Taxes  Net Cumulative CashflowUSD Millions$9,647Internal Rate of Return (IRR)%19.8%Net Present Value (NPV) @ 8%USD Millions$2,940Pay Back PeriodYears3.87 The FS for Los Azules envisions an average annual copper cathode production of 451 million lbs per year (204,800 tonnes) during the first five years of operation, representing an increase of 50 million lbs per year compared to the initial five years of the 2023 PEA production schedule. Over the 21-year life of mine, the average annual copper cathode production is projected at 327 million lbs per year (148,200 tonnes). 

Based on the LOM extraction of mineralized material containing approximately 10.2 billion lbs (4.63 million tonnes) of total copper, and an average copper recovery of 70.8%, total copper recoverable to cathode is 7.23 billion lbs (3.28 million tonnes). The copper production by year is shown in Figure 3:

Figure 3: Copper Cathode Production by Year

Other economic metrics:

Initial capital expenditure $3.17 billionProject capital intensity $9.18/ lb Cu per year (or $20,200/ t Cu per year) based on Initial capital / average annual production, or $0.73/ lb Cu (or $1,600/ t Cu) based on LOM Capex / LOM production(8).Average EBITDA(9) per year $1.31 billion for Years 1-5 and $696 million for Years 6-21. A Nuton® Technology Case is considered in the opportunity section of the FS as a separate project at a PEA-level of study. That case would process primary material stockpiled during the mining of the leach project and mineral resources outside of the Mineral Reserve pit with low soluble copper content. The Nuton case would use the existing processing facilities to support the operation, with a new leach pad and Pregnant Leach Solution pumped back to the original solvent exchange & electrowinning facility. The use of Nuton® Technology has the potential to extend the life of the project and will continue to be evaluated after the conclusion of the FS.

Sensitivity Analysis
The leach project economics remain attractive (i.e. with an after-tax IRR of 15% or above) at a copper price above $3.74 per pound and are similarly resistant to an increase in LOM capital expenditure of up to 25% and an increase in operating expenses of up to 37% (see Figure 4 below).

Table 4 below shows the sensitivity of the leach project’s after-tax economics to copper price fluctuations (+/- 20%). The project after-tax NPV8% is breakeven at a copper price of $3.10 per pound.

Table 4: Project Copper Price Sensitivity Sensitivity to Change in
Metal Pricing After-Tax Cu Price
Copper Price NPV IRR Payback (%)
$ Cu/lb $M % Years -20%$3.48$90212%5.78-15%$3.70$1,41114%5.15-10%$3.92$1,92116%4.68-5%$4.13$2,43018%4.330%$4.35$2,94019.8%3.875%$4.57$3,44921%3.5910%$4.79$3,95623%3.3915%$5.00$4,46125%3.2320%$5.22$4,96626%3.06 Table 5 below shows the sensitivity of the project economics to initial and sustaining capital expenditure escalation on an after-tax basis.

Table 5: Project Initial & Sustaining CAPEX SensitivitySensitivity to Increased CAPEX (%)After-Tax NPVIRRPayback $M%Years0%$2,94019.8%3.875%$2,77319%4.1810%$2,60618%4.4115%$2,44017%4.6020%$2,27316%4.7825%$2,10715%4.99 Table 6 below shows the sensitivity of the project economics to operating expenditure escalation on a after-tax basis.

Table 6: Project OPEX SensitivitySensitivity to Increased OPEX (%)After-Tax NPVIRRPayback $M%Years0$2,94019.8%3.875%$2,74619%4.0010%$2,55318%4.1815%$2,35918%4.3220%$2,16617%4.4325%$1,97316%4.54 Figure 4: Chart of IRR Sensitivity (After-Tax) Relative to Copper Price, CAPEX and OPEX

6. Capital & Operating Costs
Capital Costs Estimates
The project includes the development of an open pit mine with multi-stage crushing and screening, a heap leach pad, and a copper solvent extraction-electrowinning (SX/EW) facility with a nominal production capacity of 215 ktpa copper cathodes (design maximum 240 ktpa). Initial capital infrastructure for the Base Case includes the following facilities:

Mine development and associated infrastructureCoarse rock storage and ore handling (crushing, conveying, agglomeration)Heap leach pads and conveyor stacking systemsSX/EW facilitySulfuric acid plantOn-site utilities and ancillary facilities including a construction campOff-site infrastructure: power transmission line (outsourced), access roads, and permanent camp The Project’s initial capital costs are based on budgetary quotes for major equipment, recent in-house cost information and installation factors, and regional contractor inputs and facilities obtained between Q2 and Q3 2025. The capital costs for the project are summarized in Table 5 and should be viewed with the level of accuracy expected for a Feasibility Study.

Design allowances for materials quantities and labor and contingencies were included in the project estimate.

Table 7: Project Initial Capital CostDescriptionCost
($M)Direct On-Site Facilities Mine Facilities, Equipment, Pre-Production$805.9Ore Storage & Handling$283.3Heap Leach$331.6SX-EW$188.5Sulfuric Acid Plant$114.3Ancillary Facilities$123.4Site Development & Yard Utilities$101.6Water Supply$29.6Direct Off-Site Facilities Power Supply (see below)-0-Local Support Facilities$16.4Access Roads$93.6Logistics Activities Zone (LAZ)$45.6Total Direct Cost$2,133.7Project Indirects & Construction Services Contractor Indirect Cost$41.7Catering, Camp Operations & Maintenance$94.6Contracted Services$89.6Construction Equipment, Tools & Supplies$14.6Freight & Duties$59.3Field Startup & Vendor Services$15.1Spares, Initial Fills (incl. Mining)$65.5Project Indirect/ Project Management Labor EPCM Services$139.2Owner's Cost Owner Project Team$7.6Office Costs & Assets incl. vehicles$0.6Owner Services Cost$28.8Owner Preproduction G&A Costs$104.7Opex During Ramp-up$34.8Total Indirect Cost$691.0Design Growth Allowances$44.3Contingency$293.9Total Capital Cost$3,167.9 YPF Funding Power Supply
The construction cost of the Power Supply line to site and the electrical system upgrades total approximately $440 million which has not been included in the capital estimate as YPF Luz, a large Argentinean power utility company, will be constructing the line at their expense pursuant to a long-term, renewable power purchase agreement and connection repayment that will follow the terms agreed to in a Memorandum of Understanding.

To date, the company received preliminary finance proposals from Tier-1 OEMs and European export credit agencies for opportunities exceeding $1.1 billion for infrastructure and technology, covering 85 to 100% of major mechanical equipment and local installation costs – see the Strategic Partnerships section.

Operating Costs Estimates
Table 8 summarizes the LOM project operating costs per tonne of material processed and per pound of copper produced.

Table 8: LOM Project Cash CostsDescriptionLOM Cost/tonne
($)LOM Cost/lb
($)Mining6.220.87Processing3.830.54General & Administrative1.860.26Selling Expenses0.280.04LOM C1 Costs12.051.71 7. ESG & Sustainability
Environmental Highlights:

Process water use: 159 L/s LOM average, 74% lower than a conventional mill producing copper concentrate with approx. 600 L/s(10).Peak Site Water use: 244.2 L/s, with 227 L/s allocated for mining activities and 17.2 L/s for human use.Electricity demand: 119 MW (48% lower than a concentrator)GHG emissions: For the current project basis, the estimated annual average Green House Gas (GHG) emissions for the Los Azules project is 1,082 kg CO2-e/t Cu from Scope 1 and 2 sources. This places the project on the lowest decile of the copper industry carbon curve, well below the estimated industry average of 4,026 kg CO2-e/t Cu(5) using Skarn Associates mine-to-metal “E1” metric(13). At the start of operations, Los Azules will already be one of the lowest carbon copper cathodes produced in the world. The project continues to develop electrification strategies for the mine and overall project including application of trolley assist for mine haulage, in-pit crushing and conveying and waste conveyance. The timing for these applications and others is under final analysis. Los Azules is also well positioned to take advantage of emerging opportunities (e.g. battery electric mine and services vehicles) and longer-term developing technologies.

Goal: McEwen Copper is committed to becoming carbon neutral by 2038 at Los Azules, a target achievable using emerging technologies and offsets. The project will source 100% renewable energy (wind, hydro, solar) and aims for net positive impacts on local ecosystems and communities.

8. Permitting & Regulatory Status
The Environmental Impact Assessment (EIA) for Los Azules was granted on December 3, 2024.

On September 26, 2025, Los Azules was accepted into the Large Investment Incentive Regime RIGI. The investment regime provides the project with legal, fiscal, and customs stability for 30 years, including:

- Legal certainty, including tax, customs and foreign exchange stability for 30 years, with improved mechanisms in comparison with a prior regime applicable to mining activities, and access to international arbitration should a dispute arise.

- Tax incentives in the investment phase -such as release from VAT payments which significantly reduces the financial burden during construction- and in the operation phase, such as the reduction of the corporate income tax rate to 25% from the general 35%, a 50% reduction in the dividend withholding tax, no export tax, an accelerated depreciation for new capital investments, and exemption from export duties.

- Streamlined customs procedures, including duty and tax exemptions to import of capital goods and the ability to leave export proceeds in foreign bank accounts, available to be applied to debt repayment or any other goal.

The Water Concession permit applications are currently under review with the provincial government. The use of heap leach technology, which is well accepted in San Juan Province, reduces permitting complexity by eliminating tailings and conserving water.

9. Nuton® Opportunity
Nuton is a technology venture of Rio Tinto that became a strategic partner of McEwen Copper in 2022. The Nuton® Technology is a suite of proprietary technologies that provide opportunities to leach both primary and secondary copper sulfides, providing a significant opportunity to optimize mine plans and overall mining and processing operations. In addition, Nuton® Technology provides significant other benefits, such as lower overall energy consumption, lower CO2 emissions, smaller land footprint, and lower water consumption per unit of copper produced than conventional sulfide mineralization recovery processes.

Based on strategic planning work by Whittle Consulting and considering the inferred resources, the use of Nuton offers the opportunity to extend the mine life beyond conventional leaching by 30 years or more.

Based on preliminary scoping testing, the Nuton® Technology offers the potential for copper recoveries of up to 85% on primary copper sulfide ore bodies, depending on the specific mineralogy make-up of the mineral resource. At Los Azules, the Nuton® Technology has the potential to economically process the large primary sulfide copper resource as an alternative to a concentrator, with low incremental capital following the oxide and supergene leach, no tailings requirement, and a smaller environmental footprint. Producing copper cathode with Nuton® on-site also has the advantage of simplifying outbound logistics in comparison to copper concentrates and offers a finished product to the domestic and international market.

The outcomes modelled using Nuton’s proprietary computational fluid dynamics model are very encouraging and indicate that unoptimized copper recovery to cathode from primary material using Nuton® Technology should range from 73% to 79%. Furthermore, recovery from secondary material using Nuton® Technology is high, ranging from 80% to 86%. This could provide a significant opportunity to optimize the mine plan and reduce the need for selective mining, as simultaneous stacking of both secondary and primary mineralization will not impact the copper recovery of either material type. Based on the current resource estimate, using Nuton® Technology in the project could have a significant positive impact on the expected life of the mine and the projected cashflow, without significantly increasing the initial capital investment required.

Column leaching of Los Azules composite samples at Nuton® facilities was completed in Q1 2024 and used to support modelled metallurgical recoveries. Testing has been completed at Nuton facilities with a Phase 2a program, developing process design criteria and evaluating performance tested at a 10 m tall, large column scale. Fully mass balanced results are expected to be completed in Q4 2025. Preliminary assessment of the assay data suggests similar results to those provided in the PEA document. Besides refining and validating modelled data through additional column testing for Los Azules, Nuton is progressing an industrial-scale deployment at the Johnson Camp Mine (JCM) owned and operated by Gunnison Copper Corporation Inc. in Arizona, USA. This deployment’s aim is to validate the Nuton® Technology package, from design and engineering to commissioning and operation, and to de-risk future Nuton deployments like the potential one at Los Azules.

McEwen Copper and Nuton are actively collaborating to deploy the Nuton® Technology at Los Azules. While a formal commercial agreement is not yet in place, both parties are committed to working in good faith toward establishing such an arrangement.

10. Development Timeline
The Gantt chart below presents a simplified project development timeline based on regional contractor inputs and long-lead equipment and materials delivery assumptions provided by vendors.

The schedule assumes that the feasibility study work is completed in October 2025, necessary permits to begin work are completed, and initial financing is in place to achieve the scheduled milestones.

Following this Level 3 schedule, the SX/EW plant could start in 2029, and the first cathode would be produced in 2030.

Figure 5: - Gantt Chart for Los Azules Project Development Timeline

11. Strategic Partnerships
McEwen Copper partnered with Nuton to evaluate the application of Nuton® Technology for the treatment of primary mineralization at the Los Azules project. Nuton also holds a 17.2% equity stake in McEwen Copper.

Stellantis, the world's fifth largest automaker, is also a strategic shareholder with an 18.3% interest. The partnership includes a copper cathode and concentrates purchase rights agreement and a joint commitment to achieving carbon neutrality by 2038.

As of the date of this release, McEwen Copper has received preliminary finance proposals with referential conditions from Tier 1 OEMs including, Komatsu, and Sandvik, as well as from European export credit agencies, covering 85 to 100% of the major mechanical equipment and 50% of the local construction cost for the project. The Argentine power company YPF Luz has signed an agreement with Los Azules to provide financing for the upgrades to the power grid and the power supply to the mine site and has agreed to provide 100% renewable power to the project. These proposals open the opportunity to finance more than $1.1 billion in investments for the crushing and handling system, SX/EW plant, acid plant, drilling fleet, and hauling and loading mining fleet, incorporating state-of-the-art technologies that support our regenerative guiding principles and commitment to sustainable innovation.

In September 2025, McEwen Copper announced that it had signed a collaboration agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to support the alignment of the Los Azules copper project with IFC’s ESG standards for potential future financing. This represents an important milestone in the company’s broader financing strategy, helping to align the project with top-tier sustainability standards while paving the way for IFC as a potential lead lender and equity partner.

12. Study Contributors and Qualified Persons
The FS Technical Report is prepared in accordance with the requirements set forth by Canadian National Instrument 43-101 (“NI 43-101”) for the disclosure of material information and is intended to meet the requirements of a Feasibility Study (FS) level of study and disclosure as defined in the regulations and supporting reference documents. The effective date of the report is September 3, 2025.

The report was prepared by Samuel Engineering Inc., with contributions from Knight Piésold Consulting, AGP Mining Consultants Inc, Nuton, a Rio Tinto Venture, E-Mining Technology S.A., Call & Nicholas, Inc., Itasca Consulting Group, Inc., CRM-SA, LLC, McLennan Design/Perkins&Will, Whittle Consulting Pty Ltd, Techint S.A.C.I., BW Hidrogeología y Medioambiente, and SRK Consulting UK Limited, under the supervision of David Tyler, McEwen Copper Project Director.

The feasibility study and associated disclosures have been reviewed and verified by the following qualified persons under NI 43-101 – Standards of Disclosure for Mineral Projects:

Technical aspects of this news release related to Project Execution, Development information, and other information excluding mineral resource disclosure, have been reviewed and verified by James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering.Technical aspects of this news release related to McEwen information, and other information excluding mineral resource disclosure, have been reviewed and verified by David Tyler – SME Registered Member. No. 3288830. He is the Project Director of the Los Azules Project and is not independent of the issuer.Technical aspects of this news release related to Metallurgical Summary and Process Information, have been reviewed and verified by Michael McGlynn – SME Registered Member No. 4149430 with Samuel Engineering.Disclosure related to the updated Los Azules mineral resource estimate has been reviewed and approved by Jeff Sullivan – FAusIMM Reg. No. 201778 with CRM-SA, LLC.Disclosure related to the initial Los Azules mining, and mineral reserve estimate has been reviewed and approved by Gordon Zurowski, P.Eng with AGP Mining Consultants.Technical aspects of this news release related to Financial Modeling, have been reviewed and verified by Steve Pozder – P.E. with Samuel Engineering. 13. End Notes
(8) Project capital intensity is defined as Initial Capex ($) / LOM Avg. Annual Copper Production (lbs or tonnes per year) or as LOM Capex ($) / LOM Copper Production (lbs or tonnes). C1 cash costs per pound produced is defined as the cash cost incurred at each processing stage, from mining through to recoverable copper delivered to the market, net of any by-product credits. All-in sustaining costs (AISC) per pound of copper produced adds production royalties, non-recoverable VAT and sustaining capital costs to C1. AISC margin is the ratio of AISC to gross revenue. Capital intensity, C1 cash costs per pound of copper produced, AISC per pound of copper produced, and AISC margin are all non-GAAP financial metrics. Numbers may not total due to rounding.

(9) Annual earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA is a non-GAAP financial measure.

(10) 2017 NI 43-101 Technical Report on Los Azules Project, Hatch Engineering (Throughput of 120,000 tpd of mineralized material).

(11) 2023 NI 43-101 Technical Report on Los Azules Project, Samuel Engineering.

(12) Kilograms of Carbon Dioxide Equivalent per tonne of Copper Equivalent produced. Carbon Dioxide Equivalent means having the same global warming potential as any other greenhouse gas.

(13) Skarn Associates Copper Mine GHG and Energy Intensity Curve Generator, June 2025 dataset for the year 2030. The E1 metric includes all GHG emissions from mine to refined metal. Skarn recommends E1 intensity as the most suitable metric for comparing operations, allowing SXEW and concentrate producers to be evaluated on the same curve, at the same product boundary - refined copper cathode.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Inc.'s estimates, forecasts, projections, expectations or beliefs as to future events and results for both its consolidated operations and those of McEwen Copper Inc. (“McEwen Copper“, “the company”). Forward-looking statements and information regarding McEwen Inc. and McEwen Copper (“the companies”) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious and base metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the companies to receive or receive in a timely manner permits or other approvals required in connection with operations, the risk that the RIGI regime may be curtailed, extinguished or amended, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The companies undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding McEwen Inc. and McEwen Copper. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Inc. and McEwen Copper.

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 WEB SITE SOCIAL MEDIA    www.mcewenmining.com  McEwen IncFacebook:facebook.com/mceweninc     LinkedIn:linkedin.com/company/mcewen-mining-inc-   CONTACT INFORMATION  X:x.com/mceweninc  150 King Street West  Instagram:instagram.com/mceweninc  Suite 2800, PO Box 24      Toronto, ON, Canada McEwen CopperFacebook:facebook.com/ mcewencopper  M5H 1J9  LinkedIn:linkedin.com/company/mcewencopper     Twitter:twitter.com/mcewencopper  Investor Relations:  Instagram:instagram.com/mcewencopper   (866)-441-0690 - Toll free line      (647)-258-0395 Rob McEwenFacebook:facebook.com/mcewenrob   Mihaela Iancu ext. 320  LinkedIn:https://www.linkedin.com/in/robert-mcewen-646ab24  [email protected]   Twitter:twitter.com/robmcewenmux          Photos accompanying this announcement are available at 

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Logos of Exxon Mobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai Purchase Licensing Rights, opens new tab

CompaniesOct 7 (Reuters) - Oil major Exxon Mobil

(XOM.N), opens new tab is considering re-entering Iraq after a nearly two-year hiatus by signing agreements that would lay the groundwork to explore the country's giant Majnoon field, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The Majnoon Oil Field, located 60 km (37 miles) from Basra in southern Iraq, is one of the richest oil fields in the world with an estimated 38 billion barrels in place.

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Exxon plans to sign a heads of agreement with Basra Oil and SOMO, Iraq's state oil company, in the coming days, the report said.

"Exxon Mobil is in discussions with the Iraqi Oil Ministry as we routinely look at opportunities to optimize our advantaged portfolio," the company told Bloomberg News in an emailed statement.

The potential deal is also expected to include discussions regarding export infrastructure and possible oil marketing projects in southern Iraq, the report added.

Iraqi state news agency INA last month reported that SOMO was in advanced talks with Exxon over a possible agreement to secure storage capacity in Singapore using tanks owned by the U.S. oil major.

In the past two years, Iraq has signed agreements with oil majors that had previously retreated from the country, including Chevron

(CVX.N), opens new tab, France's TotalEnergies

(TTEF.PA), opens new tab and UK oil major BP

(BP.L), opens new tab.

Exxon, Basra, SOMO, and the Iraqi Embassy in Washington D.C. did not immediately respond to Reuters requests for comment.

Reporting by Preetika Parashuraman in Bengaluru; Editing by Sahal Muhammed

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