McEwen Inc. Announces Extension of Environmental Impact Assessment for El Gallo Mine

McEwen Inc. has announced that the Mexican government has granted an extension of the Environmental Impact Assessment for its El Gallo Mine. This approval is a crucial step that will enable the company to commence Phase 1 Mill Construction, which is anticipated to begin in mid-2026. The company has already acquired the necessary ball mill, which is currently on-site. Furthermore, McEwen Inc. has initiated Phase 2 activities, focusing on the extraction of silver from the mine's in-situ deposits, a phase expected to prolong the El Gallo mine's operational life beyond the initial 10-year projection for Phase 1. Phase 1 is projected to yield approximately 20,000 Gold Equivalent Ounces (GEOs) annually upon reaching commercial production, utilizing material from the historical leach pad. The remaining capital expenditure for construction is estimated at $25 million. The company anticipates this will generate significant free cash flow due to the absence of substantial development or exploration costs, as the material to be processed has already been extracted.