McEwen披露McEwen Copper已完成2.4亿美元Los Azules项目贷款，但核心新闻已于8月27日发布

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 27, 2026
McEWEN INC.
(Exact name of registrant as specified in
its charter)
Colorado
001-33190
84-0796160
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
150 King Street West
,
Suite 2800
Toronto
,
Ontario
,
Canada
M5H 1J9
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number including area code:
(
866
)
441-0690
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
MUX
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company
¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 7.01
Regulation FD Disclosure.
On August 27, 2026, McEwen Inc. (the “Company”)
announced that its 46.3%-owned equity investee McEwen Copper Inc. has closed a $240 million senior secured 4-year term loan facility with
a syndicate of lenders and provided an update on the Los Azules project. A copy of the press release is furnished with this report as
Exhibit 99.1. Investors and other interested parties are encouraged to read in its entirety the press release because it
contains important information not otherwise described herein.
The information furnished
under this Item 7.01, including the referenced exhibit, shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except
as shall be expressly set forth by reference to such filing.
Item 9.01
Financial
Statements and Exhibits.
(d)
Exhibits
.
The following exhibits are furnished or filed with this report, as applicable:
Exhibit No.
Description
99.1
Press Release, dated August 27, 2026
104
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
Cautionary Statement
With the exception of
historical matters, the press 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 of the date of the press release, are estimates, forecasts, projections, expectations, or beliefs as to future events and results.
Forward-looking statements and information 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 Company to receive or receive in a timely manner permits or
other approvals required in connection with operations, 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 in the press release,
which speak only as of the date thereof. The Company undertakes 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 the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2025, 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 the Company. All forward-looking statements and information made in the press release are qualified by this
cautionary statement.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
McEWEN INC.
Date: September 1, 2026
By:
/s/
Carmen Diges
Carmen Diges, General Counsel

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EX-99.1
2
tm2624401d1_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
McEwen Copper Completes US$240
Million Term Loan
To Advance Los Azules Toward
Final Investment Decision
All dollar amounts in this press
release represent U.S. dollars.
TORONTO, Aug 27, 2026 - McEwen Inc. (NYSE:
MUX) (TSX: MUX)
(“McEwen” or the “Company”) today announced that its 46.3%-owned subsidiary McEwen Copper
Inc. (“McEwen Copper”, not publicly listed) has closed a
$240 million senior secured 4-year term loan facility
with
a syndicate of lenders (the “Term Loan”). Participants include Sprott Natural Resource Investment Partners for $112 million,
and Rob McEwen, Chairman and Chief Owner of the Company, for $85 million; and other lenders for a total of $43 million.
The proceeds of the Term Loan will be used to
continue advancing engineering and early works of the
Los Azules copper project
in San Juan, Argentina, and for general corporate
purposes. A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted
for 2030, subject to project financing and customary approvals. The Term Loan provides funding while McEwen Copper advances the broader
project debt financing for Los Azules, for which Societe Generale was appointed sole financial advisor in May 2026. Preparations for a
potential initial public offering of McEwen Copper continue in parallel.
The principal amount of the Term Loan will bear
interest at
12.0% per annum
, payable monthly, with a
4-year term
and the principal amount due on maturity. The Term
Loan can be repaid in full or in part prior to maturity upon payment of the remaining principal and accrued interest plus a fee equal
to 5% of the remaining principal. In connection with the Term Loan, Lenders also received 15,000 5-year McEwen Copper common share purchase
warrants for each $1 million of principal, with an exercise price of $40 per share.
“This financing reflects our lenders’
confidence in Los Azules and in the progress Argentina has made over the past two and a half years. The initiatives of President Javier
Milei have helped make Argentina an increasingly attractive destination for large-scale foreign investment. Economic stabilization, stronger
credit ratings, lower country risk and the RIGI are bringing long-term capital back to the country. San Juan continues to demonstrate
the qualities of a dependable mining jurisdiction, supported by strong institutions, rigorous processes and sound governance. We are proud
to be building Los Azules here,”
said Michael Meding, Managing Director of McEwen Copper.
LOS AZULES PROJECT UPDATE
Work at Los Azules continues to advance toward
a final investment decision. The 2025-2026 field campaign was completed with more than 5,600 meters of drilling. Geotechnical results
were better than expected and will improve the open pit design as mine planning advances. Condemnation drilling confirmed the suitability
of the planned location for the North-East rock storage facility. Engineering for the final investment decision is ahead of plan. Engineering
for the key process equipment packages (solvent extraction/electrowinning, sulfuric acid and crushing) has been awarded to Metso, the
mining fleet tender is in final evaluation, and the selection of the EPCM contractor is expected by the fourth quarter of 2026.
McEwen Inc.
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At the peak of the past field season, the project
employed more than 500 people, with nearly 90% hired from San Juan. Door-to-door household surveys in the communities near the project
show trust and acceptance levels above 90%. McEwen Copper continues community programs, which have trained close to 2,000 Calingasta residents
in technical skills, and a community partnerships program that finances productive, social and irrigation initiatives in the local communities.
This winter, the Project experienced one of the
heaviest snow seasons in more than two decades. Returning to site and managing the meltwater will require additional focus, and McEwen
Copper stands ready to support the response led by the Government of San Juan and local communities with heavy machinery and water management
works. At the same time, the snowmelt is expected to refill hydroelectric reservoirs and recharge aquifers after years of drought, a welcome
development for a region that has faced prolonged water scarcity. The Los Azules team has decades of experience working in the high Andes
and managing snow events of this kind.
ABOUT MCEWEN
McEwen shares trade on both the
NYSE
and
TSX
under the ticker
MUX
.
McEwen provides its 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 and
Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold
and silver mine in Mexico.
The Company has a 46.3% interest in McEwen Copper,
which owns 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. Based on McEwen Copper’s last financing in October 2024,
the implied value of McEwen’s ownership interest was
US$456 million
. Since then, the value of Los Azules has improved for
three important reasons: 1) The copper price is 50% higher, 2) The Company has completed a Feasibility Study using a $4.35/lb copper price
and 3) Los Azules received approval under Argentina’s Large Investment Regime (RIGI), which significantly improves the economics
of the project. Los Azules is a shovel-ready project designed to be one of the world’s
first regenerative copper mines and carbon
neutral by 2038
.
McEwen also owns a
1.25% NSR
on Los Azules.
Based on the 2025 Feasibility Study and using a recent copper spot price of
$6.50/lb
, McEwen’s royalty is projected to generate
approximately
$584 million
from the initial case and
$860 million
from the potential Nuton extension, for a combined undiscounted
pre-tax royalty cash flow of approximately
$1.4 billion
.
McEwen also recently purchased 27.3% of
Paragon
Advanced Labs Inc.
, a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the
Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of
the leading service providers.
Chairman and Chief Owner
Rob McEwen
has
invested over
US$290 million
personally and takes a salary of
$1 per year
, aligning his interests 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 EY Entrepreneur of the Year (Energy)
award. His objective is to build MUX’s profitability and share value, as he did while building Goldcorp Inc.
McEwen Inc.
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2
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 are as at the date of this news release and are McEwen Inc.'s (the
"Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements
and information 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 metals, mining industry risks, political, economic, social and security risks associated with foreign
operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with
operations, 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 Company
undertakes 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,
2025, 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 the Company. 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 the management of
McEwen.
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McEwen Inc.
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