Pay for the Copper, Get the Gold Free | Rob McEwen - McEwen Inc

The Deep Dive Sep 23, 2026 11:03

Summary

The guest argues Canada is finally welcoming mining, citing better permitting and a rapid depreciation boost for operators.

The guest says Los Azules, one of the top 10 undeveloped copper projects globally, targets a year-end final investment decision.

The San José joint venture in Argentina has returned over $50M in dividends recently, with more expected later this year on higher metal prices.

The guest sees more copper upside as electrification, AI demand, and growing Asian cities absorb the next wave of supply.

Gold output is scaling — Timmins extended by Gray Fox, Gold Bar now running seven days a week — toward a 250–300k-ounce 2030 target.

Rob McEwen argues the stock is mispriced: he says investors are paying for the world-class Las Azules copper deposit and getting the gold operations essentially for free.
Las Azules (held via McEwen Copper) is described as one of the top 10 undeveloped copper projects by size, with feasibility complete, a $240M debt deal closed (Eric Sprott over $100M, McEwen's own investment above $290M), and a targeted final investment decision by year-end 2026.
Las Azules design: a 21-year heap-leach operation followed by another 33 years, producing 450M lbs of copper cathode per year for the first five years (stepping down to 325M), at better than 72% gross margin at current copper prices, powered by 100% renewable energy with low water use and no tailings.
San Jose joint venture (with Hoshield Mining, Argentina) is paying dividends; McEwen received just over $50M recently and expects more later in 2026, supported by expanded throughput.
Gold Bar (Nevada) missed guidance due to grade issues; the mine is now operating seven days a week and McEwen expects to hit the lower end of guidance, with nearby Timberline and Golden Lake acquisitions intended to extend infrastructure.

Top takeaway Cited by host Steve Hyland as a prominent voice warning that the copper market faces a supply 'nightmare' unless many new mines reach production.
Hyland uses Friedland's bullish view as a counterpoint to skeptics who say the copper supply-demand gap is overstated, and McEwen explicitly aligns himself with Friedland's side of that debate.

Top takeaway McEwen's core thesis on the company is that the market is mispricing it: he argues the value of the Las Azules copper asset alone exceeds the current equity, so the gold production is essentially a free option.
He is bullish on copper, saying there is more room on the upside from current prices, citing electrification of transportation, AI-driven demand, and urbanization in Asia, with recent Andean snowfall disrupting mine output as a near-term supply signal.
On Canadian policy, McEwen credits Mark Carney's government with starting to embrace mining and improve permitting, but argues the country still needs red-tape removal, faster indigenous engagement, lower taxes, and better public education about modern mining to be competitive.
He defends Gold Bar's missed guidance as a grade problem being addressed by running seven days a week and adding pad feed, and expects to deliver the lower end of guidance.
McEwen says McEwen Copper plans to take Las Azules public shortly and is targeting a final investment decision by year-end 2026.

Top takeaway Referenced as the Canadian prime minister who recently hosted a large investment summit aimed at channeling roughly a trillion dollars of capital into the resources sector.
McEwen credits Carney's government with beginning to embrace mining and improve permitting after years of what he calls slow recognition, but argues more rapid action is needed.

Top takeaway Host and founder of The Deep Dive, conducting this Beaver Creek Precious Metals Summit interview with Rob McEwen.
Presses McEwen on the framing that McEwen Inc now looks more like a holding company with a couple of smaller operations, and elicits the long-run pitch for becoming an intermediate copper-gold producer.

Top takeaway Invested more than $100M in the recent $240M McEwen Copper debt deal that is funding development of the Las Azules copper project.
His participation is cited as a signal of confidence in Las Azules as McEwen Copper prepares to take the project public.