McEwen Inc. (NYSE:MUX) (TSX: MUX) announced its first quarter financial results for the period ended March 31, 2026, along with an update on its development projects, including an updated Mineral Resource Estimate and strong exploration results across all sites as the Company is advancing its plan to increase production to 250,000 – 300,000 GEOs by 2030.

Based on current gold and silver prices, McEwen believes that if mine operations meet guidance, the Company can self-fund its future production growth with limited share dilution. This will be a key driver behind growing our share price.

Strong Gold Prices Continue to Support Advancement of Key Projects:

Canada

In Canada, McEwen is advancing growth projects to increase production from 16,000 – 19,000 GEOs in 2026 to 105,000 – 120,000 GEOs by 2030. The Company will be developing these projects in a phased approach that is focused on initial capital requirements, IRR and the ability to execute successfully while prioritizing future growth through continued exploration success.

• Stock Mine (Fox Complex, Timmins, Ontario) – Development continued on time and within budget during Q1. We invested $9.9 million into Stock during Q1 and $39.4 million since the start of underground development last year. Stock is expected to begin initial production in H2 2026, with commercial production set for 2027. This is expected to result in lower-cost gold production at the Fox Co mplex compared to current operations, due to a lower royalty burden, shorter haulage distances to the mill, and the benefits of processing softer material. Based on the current Mineral Resource Estimate, McEwen projects a six-year life at Stock, which is expected to increase as underground drilling advances to enhance resources throughout coming years.
• Grey Fox (Fox Complex, Timmins, Ontario) – Work is now being finalized on the Pre-Feasibility Study that will be released in the coming months. The PFS will highlight the Company’s ability to materially extend mine life at the Fox Complex, while using existing infrastructure. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000 – 90,000 GEOs by 2030.
• Tartan Mine Project (Flin Flon, Manitoba) – During Q1 the Company d elivered a Mineral Resource Estimate with underground Indicated Resources totalling 308,900 gold ounces (2,619,000 tonnes at 3.67 gpt Au) and Inferred Resources totalling 302,700 gold ounces (2,832,900 tonnes at 3.32 gpt Au). The Company is reviewing existing environmental licenses, planning additional metallurgical testing, beginning underground mine designs, and potential equipment purchases as part of its plan to restart production within the existing permits. McEwen expects initial annual production at Tartan to average approximately 30,000 GEOs, with the potential to expand output through future permit modifications. The Company believes doubling the throughput from 500 tonnes per day (tpd) to 1,000 tpd could see production grow to 45,000 – 55,000 GEOs per year.

USA

In Nevada, McEwen is forecasting that production will more than double from 39,000 – 43,000 GEOs in 2026 to 90,000 – 110,000 GEOs by 2030, driven by production from Lookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex and management will look to leverage the current infrastructure at site.

• Windfall, Lookout Mountain and Trinity Ridge (Gold Bar Mine Complex) – Gold Bar’s transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate. Windfall shows open-pit Indicated Resources of 227,500 gold ounces (9,402,800 tonnes at 0.75 gpt Au) and Inferred Resources of 127,800 gold ounces (2,596,400 tonnes at 1.53 gp t Au). Currently, 100% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods being used at the Gold Bar Mine.

The global Resources and Reserves for the Gold Bar Mine Complex are the combined Mineral Resources and Reserves for Gold Bar Mine, Lookout Mountain and Windfall, which now total Indicated Resources of 792,000 gold ounces (38,602,800 tonnes @ 0.64 gpt Au) and Inferred Resources of 281,000 gold ounces (11,256,200 tonnes @ 0.78 gpt Au). This is in addition to Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au).

Trinity Ridge is the next deposit where a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex and will look at merging the smaller existing Gold Bar Mine open pits into one e nlarged pit that will capture a meaningful amount of gold mineralization that has not been included in the current Mineral Resource Estimate. Currently, 60% of the planned drilling at Trinity Ridge has been completed and a Mineral Resource update is expected by early 2027.

• McEwen has completed its acquisition of Golden Lake Resources Inc. Golden Lake’s Jewel Ridge and Jewel Ridge West projects adjoin McEwen’s Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resources at the Gold Bar Mine Complex and to increase mine life.

Mexico

In Mexico, McEwen is forecasting 20,000 GEOs production per year starting mid-2027.

• El Gal lo – The Company continues to target Phase 1 production starting mid-2027. Detailed engineering is well advanced, with construction of the mill expected to begin in early Q3. Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. The Company is exploring opportunities within its land package that would require minimal capital to see the life of Phase 1 extended. Permit approval for Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 – 50,000 GEOs (based on 77:1 silver to gold ratio) due to higher grades being processed. The Company is currently updating the Mineral Resource Estimate to include all resources around the proposed mill site, which will be released in Q3.

Argentina

• San José Mine – The operation is benefiting from the recently completed process plant expansion and higher mining rates, resulting in increased production and lower costs. At current gold and silver prices, San José is expected to be an important source of capital that the Company will use to expand production at its other sites. Production attributable to McEwen’s 49% interest is targeted at 60,000 – 70,000 GEOs per year (based on a 77:1 silver-to-gold ratio). The Company anticipates receiving $40 – $50M from San José in 2026.
• McEwen Copper

  McEwen owns a 46.3% equity stake in McEwen Copper and a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project. The royalty is projected to generate pre-tax $520.5 million at recent copper spot price of $5.80/lb and $389.5 million at the feasibi lity study’s base-case copper price of $4.35/lb over the 22-year mine life. There is potential to extend the life of Los Azules by an additional 33 years.

Los Azules advanced significantly in 2025, completing two foundational milestones: approval of its application under Argentina’s RIGI (Large Investment Incentive Regime), securing 30 years of legal, fiscal, and customs stability; and publication of a Feasibility Study confirming robust project economics, with initial 5-year average production of 205 ktpa of copper cathodes at $1.71/lb C1 cash cost over a 22-year mine life and identified upside potential to extend mine life for an additional 33 years adding an average of 141ktpa Cu per annum.

Following the Feasibility Study, project costs began to be capitalized in late Q3 2025 under U.S. GAAP. The 2026 objective is to advance the project toward a Final Investment Decision targeted for year-end 2026, with construction targeted to commence in early 2027, and production in 2030, subject to project financing and customary approvals.

Highlights of Q1 2026

Abbreviations used are defined in the Glossary at the end of this press release.

Mineral Resource & Exploration Update

Gold Bar Mine Complex, Nevada (100% owned)

Update to Mineral Resource Estimate at Gold Bar

The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge, which envisions merging and enlarging several of the current open pits to access gold mineralization outside the current mine plan. McEwen believes that integrating these areas has the potential to transform the Gold Bar Mine Complex into a long-life asset. The Company released a Mineral Resource Estimate for Lookout Mountain with the 2025 year-end financial statements and is now pleased to release a Mineral Resource Estimate for the Windfall deposit located approximately 3 miles (5 km) NE of Lookout Mountain. The Windfall MRE is shown below:

Table 1. Windfall Mineral Resource Estimate – Open Pit Au Cut-off Grade: 0.005 oz/ton oxide

Notes to Table 1:

1. Effective date of the Mineral Resource e stimate is 11 February 2026. The QP for the estimate is Mr. Michael Baumann SME-RM, CPG, an employee of McEwen Inc.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Resources are potentially amenable to open pit mining methods and demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE) using an optimized resource pit shell above an economic cut-off grade of 0.005 oz/ton gold for oxidized material.  Cut-off grades are based on the following costs and parameters: mining costs of U$3.89/ton (mineralized) and U$2.81/ton (waste), heap leach process cost of U$4.93/ton, NSR royalty of 5%, metallurgical recoveries of 78% (oxide), and a gold price of US$3,000/oz.
4. Figures may not sum due to rounding.

Table 2. Gold Bar Mine Com plex Mineral Resource and Reserve Estimates Updated

Note to Table 2: Reserves are as of December 31, 2025; Gold Bar and Lookout Resources are as of December 31, 2025; Windfall Resource as of February 11, 2026.

A Mineral Resource Estimate for Trinity Ridge will be completed separately and released early 2027. Notably, Trinity Ridge lies within the current Plan of Operations for mining activities at the Gold Bar Mine Complex and Windfall is located on private land, which should allow for an accelerated permitting process.

Exploration at Gold Bar

Over the past nine months, drilling at the northern end of the Windfall deposit has been returning good gold grades over long widths. The results highlighted below were received after the effective cut-off date for the Windfall Mineral Resource Estimate. It is also important to note that the results from Windfall continue to show oxide mineralization that could potentially be processed using the same heap leaching technology currently used at the Gold Bar Mine, with McEwen looking to utilize the existing mine infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced.

Windfall (Fig. 1 and Fig. 2) (RCW = Reverse Circulation Width)

• 9.8 gpt gold over 24.4 meters (RCW) in drillhole WF181
• 0.9 gpt gold over 25.9 meters (RCW) in drillhole WF181
  (Both intercepts show the zone is open to the northwest)

Fig. 1. Plan View of Recent Windfall Drilling

 Fig. 2. Windfall Cross Section High-grade Results in Drillhole WF181

Trinity Ridge 

At Trinity Ridge, located within the current limits of Gold Bar Mine, the Company is at the early stages of evaluating the potential to expand and merge three existing open pits into one larger pit.

Recent drill results continue to support the Company’s development plans for the area, with highlights shown below:

• 1.2 gpt gold over 18.3 meters (RCW) in drillhole PK 105
• 1.1 gpt gold ov er 15.2 meters (RCW) in drillhole PK 107
• 1.0 gpt gold over 35.1 meters (RCW) in drillhole PK 110
• 1.9 gpt gold over 41.1 meters (RCW) in drillhole PK 115
• 1.7 gpt gold over 21.3 meters (RCW) in drillhole RG053

Fox Complex Mine, Ontario (100% owned)

Exploration at Grey Fox (Fig. 3, Fig. 4 and Fig. 5)

Early in 2026, drilling at Grey Fox focused on the Gibson and Whiskey Jack Zones, where the te am at McEwen believes mining can be accelerated due to their location near existing underground infrastructure.

These new drill results support additional resource growth beyond the pending PFS:

• 6.1 gpt gold over 7.3 meters (TW) in drillhole 25GF-1675
  (Infill hole that has demonstrated good continuity with higher grades)

• 5.3 gpt gold over 7.3 meters (TW) in drillhole&nbs p;25GF-1611 
  (Expansion zone hole located 135 meters north of the Gibson Zone)

• 254.2 gpt gold over 0.8 meters (TW) in drillhole 25GF-1655
  (Located 180 meters from existing Gibson Ramp infrastructure and remains open for expansion)

• 11.9 gpt gold over 5.7 meters (TW) in drillhole 26GF-1698 
  (Expanded the zone by 85 meters vertically or by 30% and remains open for expansion)

Fig. 3. Gibson and Whiskey Jack Plan View Map

 Fig. 4. Whiskey Jack Cross Section

In 2025, McEwen also completed a 6,500-meter drill program at the Stroud deposit that was acquired in 2024. Stroud is located 1,500-meters southwest of the current Grey Fox Mineral Resource area (Fig. 5). The drill program was designed to confirm the historical drilling in order to update the Mineral Resource Estimate, which is set to be released with the Grey Fox PFS.

Drill highlights are shown below:

• 12.6 gpt gold over&n bsp;5.9 meters TW in drillhole 25GF-1653
• 5.0 gpt gold over 13.4 meters TW in drillhole 25GF-1643
• 4.4 gpt gold over 11.6 meters TW in drillhole 25GF-1664

Fig. 5. Stroud Location and Plan View Map

Tartan Mine Project, Manitoba (100% Owned)

Exploration at Tartan (Fig. 6)

On March 23, 2026, the Company released a Mineral Resource Estimate for the Tartan Mine Project that will serve as the foundation for a potential restart of the mine. The underground Mineral Resource Estimate outlined 308,900 gold ounces Indicated (2,619,000 tonnes @ 3.67 gpt gold) and 302,700 gold ounces Inferred (2,832,900 tonnes @ 3.32 gpt gold) with the mineralization open for expansion. New drill results that have been received after the effective cut-off date for the Mineral Resource Estimate highlight further growth potential and are shown below (Fig. 6):

Tartan Potential at Depth (CW = Core Widths)

• 4.9 gpt gold over 20.0 meters (CW) in drillhole TLMZ26-52
  (The fourth deepest hole at Tartan intersected the West Zone (Footwall to the Main Zo ne) and expanded the mineralization approximately 80 meters to the west)

Expansion Along Western Flank

• 9.6 gpt gold over 11.9 meters (CW) in drillhole TLMZ26-52W3
• 6.4 gpt gold over 13.8 meters (CW) in drillhole TLMZ26-52W1
• 5.0 gpt gold over 6.4 meters (CW) in drillhole TLMZ26-52
• 4.8 gpt gold over 7.9 meters (CW) in drillhole TLMZ25-51W4
• 4.4 gpt gold over 5.0 meters (CW) in drillhole TLMZ26-52W2
• 3.0 gpt gold over 7.6 meters (CW) in drillhole TLMZ25-51W5
  (Expanded the mineralization up to 40 metres west from 500 to 800 meters below surface)

Fig. 6. Long Section of Tartan’s Main Zone – Selected Drill Highlights

For additional information, a table showing all drill results and locations from our exploration programs at Gold Bar, Fox and Tartan is available on the Company’s website and can be accessed by clicking here.

Table 3. Q1 2026 Production and Costs¹, Comparatives from Q1 2025 and 2026 Annual Guidance

Notes to Table 3:

1. Cash gross profit, cash costs per ounce, and all-in sustaining costs (AISC) per ounce, adjuste d earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) and adjusted EBITDA per share are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definitions of these non-GAAP measures, refer to the “Non-GAAP Financial Measures” section in this press release. For reconciliations to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the quarter ended March 31, 2026, filed on EDGAR and SEDAR Plus.
2. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratio of 58:1 for Q1 2026 and 90:1 for Q1 2025. 2026 production guidance is calculated based on < strong>77:1 gold to silver price ratio.
3. El Gallo contributed 2,220 GEOs of production in Q1 2026.
4. San José Mine figures represent the portion attributable to McEwen from its 49% interest in the San José Mine.

Glossary of Terms and Abbreviations

ABOUT MCEWEN

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 gold and silver El Gallo 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. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper project is desig ned to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.

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&n bsp;over US$250 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, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.