McEwen Inc. (NYSE: MUX) announced that its subsidiary McEwen Copper Inc. has closed a $240 million senior secured four-year term loan facility with a syndicate of lenders to advance the Los Azules copper project in San Juan, Argentina.

The loan participants include Sprott Natural Resource Investment Partners for $112 million, Rob McEwen, chairman and chief owner of McEwen Inc., for $85 million, and other lenders accounting for the remaining $43 million. The principal bears interest at 12.0% per annum, payable monthly, with the full principal amount due at maturity. Early repayment carries a fee equal to 5% of the remaining principal. Lenders also received 15,000 five-year McEwen Copper common share purchase warrants for each $1 million of principal, with an exercise price of $40 per share.

Proceeds will fund engineering and early works at Los Azules and for general corporate purposes. A final investment decision is targeted for mid-2027, with commercial copper cathode production expected in 2030, subject to project financing and regulatory approvals. Societe Generale was appointed sole financial advisor for broader project debt financing in May 2026. A potential initial public offering of McEwen Copper is also being pursued in parallel.

Engineering for the final investment decision is described as ahead of schedule. Key process equipment packages covering solvent extraction, electrowinning, sulfuric acid, and crushing have been awarded to Metso. Selection of an engineering, procurement, and construction management contractor is expected by the fourth quarter of 2026.

McEwen Copper holds a 46.3% interest in McEwen Copper, which owns the Los Azules project. The 2025-2026 field campaign completed more than 5,600 meters of drilling, with geotechnical results described as better than expected.