McEwen Inc. (NYSE/TSX: MUX) announced its third quarter financial results for the period ended September 30, 2026. During the quarter, the Company experienced lower production and higher costs.

In the case of the Gold Bar Complex, this was due to poor management oversight and was the reason the Company decided to make changes to its leadership team in late August. New operating procedures have resulted in production rising and costs dropping in October, which the team believes can be sustained.

At the Fox Complex, a combination of completing all future Froome mine development and processing a low-grade stockpile saw costs temporarily rise. In October, costs are back to within guidance.

At San José, significant snowfall caused excess moisture, forcing the mine to focus on more sulphide and less clay-rich ore to avoid blockages in the process plant. This switch in Q3 caused the plant to process material with lower than average gold and silver grades that also resulted in lower metal recoveries.

These problems are temporary and the Company is anticipating much better operating results during Q4 and meaningful progress has been made in October. Other positive developments during Q3 included the new Stock Mine nearing completion at the Fox Complex in Timmins and construction beginning at El Gallo in Mexico. Development projects continue to progress in order to meet our objective of producing 250,000-300,000 Gold Equivalent Ounces (GEOs) per year by 2030. The Company ended Q3 in good financial position with $49.1M in cash, $10.4M in marketable securities and an additional $50M in Discovery Mining common shares, plus $5M cash post Q3.

Q3 2026 Financial and Operating Summary

1) Gold Bar Complex (Nevada) operational issues experienced in Q2 and into Q3 have now been corrected, with the mine experiencing one of its best production months in October, producing 3,353 GEOs, with cash cost and AISC per GEO lowered to approximately $2,768 and $2,873 from $3,248 and $3,520 in Q3. The team is confident that Gold Bar can continue at this production rate, while keeping costs down.

Exploration drilling below the proposed Windfall and Lookout Mountain open pits has intersected highly encouraging gold mineralization, that has exceeded expectations, returning 4.4 gpt gold over 15.2 meters, 8.4 gpt gold over 24.7 meters and 4.0 gpt gold over 47.2 meters. This has the potential to increase the open pit resources at both deposits.  Our goal is to build a lower cost, long-life mine at Gold Bar.

Overall, we are pleased that the corrections at Gold Bar are working. However, there are still a lot of areas we can improve, which should result in the mine continuously achieving better operating performance over the coming quarters and years.

2) Fox Complex (Timmins) construction at the new Stock Mine is nearing completion, with mining scheduled to start in December and commercial production beginning H1 2027. Stock is expected to help lift production to 35,000 GEOs in 2027 and 50,000 GEOs in 2028. Grey Fox is expected to further increase production to 75,000-85,000 GEOs annually starting in 2029 and until 2041. Production costs in Q3 were high for two very specific reasons: one, we completed all the underground development and drilling at Froome required until the end of its life (spring 2027) and two, we made the decision to process our low-grade stockpile. These added approximately $780 and $150 per GEO during Q3, making costs during the quarter artificially high. As an example, cash costs and AISC are expected to be $2,531 and $2,618 in October versus $2,911 and $3,725 in Q3.

Exploration drilling during Q3 focused on three areas at Grey Fox: 1) Whiskey Jack at depth; 2) Gibson; and 3) Raven Zone, newly discovered. Highlights during the quarter included 11.3 gpt gold over 12.2 meters, a wide zone of higher-grade gold mineralization. Drilling at the new Raven Zone intersected 20.8 gpt gold over 2.6 meters. McEwen will be incorporating these results into an updated Grey Fox Mineral Resource Estimate that will be released with our Q4 financial results.

3) El Gallo Mine (Mexico) mill construction is underway, with gold production scheduled for Q4 2027. With no significant mine development or exploration costs planned at El Gallo, the mine is expected to become a meaningful source of free cash flow for the Company for the next decade and potentially beyond. A newly updated Mineral Resource Estimate contained in this news release shows Measured and Indicated Gold of 417,400 ounces and Inferred Gold of 39,200 ounces. Measured and Indicated Silver totals 57.3 million ounces and Inferred Silver of 3.1 million ounces.

4) Development projects remain on track to increase annual production to 250,000 – 300,000 GEOs by 2030. Exploration drilling during Q3 continued to be successful, demonstrating the Company’s ability to grow organically, further extending mine life across its assets. Drilling at the Tartan Mine Project had exploration success in a number of areas 1) Laterally close to surface, near the existing underground mine 8.5 gpt gold over 10.2 meters, 2) Infill drilling 15.5 gpt gold over 12.2 meters, 14.4 gpt gold over 9.2 meters, 18.8 gpt gold over 6.6 meters, 24.3 gpt gold over 5.8 meters, 3) Along the Eastern Flank 5.4 gpt gold over 6.7 meters and Western Flank 4.6 gpt gold over 9.0 meters.

Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited share dilution, based on average prices of $4,000 per ounce of gold and $50 per ounce of silver.

Key Project Updates – Path to 250,000 – 300,000 Annual GEOs

Canada

In Canada, McEwen is maintaining its increased production guidance at the Fox Complex for the full year at 20,000 – 23,000 GEOs, with AISC guidance remaining unchanged at $2,650 – $2,850 per GEO. Our new Stock Mine is set to begin production in December and attain commercial production in  H1 2027. Grey Fox is scheduled to begin production in 2029. We are developing these projects in phases, using our existing milling facility with incremental upgrades and relatively low capital based on the engineering work currently in progress.

Stock Mine (Fox Complex, Timmins, Ontario) – Stock is expected to result in lower-cost gold production at the Fox Complex compared to current operations, due to a lower royalty burden, a shorter haulage distance to the mill, and the benefits of processing softer material. Development during Q3 continued on time and within budget, with $12.2 million invested on underground development during the quarter, bringing the total investment to date to $73.7 million. Based on the current Mineral Resource Estimate, the team at Stock believes the mine will operate for 8.5 years. Underground definition drilling has recently resumed to further define the upcoming mining zones and increase confidence of the production forecasts.

Grey Fox (Fox Complex, Timmins, Ontario) – With mining at Grey Fox starting in 2029, gold production at the Fox Complex is projected to average 75,000-85,000 GEOs. Next steps include: 1) completing detailed engineering; 2) submitting the water permit and closure plan; 3) beginning ramp and underground development; and 4) reaching commercial production in 2029. Grey Fox is expected to extend the life of the Fox Complex to 2041.

Tartan Mine Project (Flin Flon, Manitoba) – The Company is advancing development planning for the Tartan Mine Project, which has the potential to produce between 40,000 and 65,000 GEOs annually over an estimated mine life of 7–10 years, based on the current Mineral Resource Estimate. During Q3, the Company invested $1.2 million to upgrade the mine access road to accommodate heavier construction equipment and removed legacy buildings and infrastructure from mining operations in the 1980s, completing preparatory work ahead of the next phase of development.

The Company now intends to advance several key initiatives to move the project closer to production, including: 1) Complete detailed engineering on the mill and process plant, 2) Rehabilitation of the underground mine and tailings facility and 3) Upgrade the site’s electrical power infrastructure.

McEwen has been approved for a CDN$300,000 grant from the Manitoba Mineral Development Fund (“MMDF”). The proceeds from the grant will be used for environmental and community building programs.

Showing continued support of the government, the Tartan project has been funded to date a total of CDN$1.2 million. The Company wants to acknowledge the impact that the MMDF has on mineral exploration and development in Manitoba. The support provided through the MMDF and the Manitoba Mineral Exploration Tax Credit (“MMETC”) makes Manitoba an attractive destination for mining.

USA 

In Nevada, McEwen focused on addressing operational issues at the Gold Bar Complex, where production has been below planned levels in 2026. Beginning in mid-August, McEwen implemented a new set of operating procedures, including increased definition drilling within the open pit to improve understanding of the orebody, additional gold recovery test work, and new grade control procedures. These corrective measures are now showing positive results. Due to the nature of heap leaching at Gold Bar, where mined ore takes 45–60 days to produce gold doré, the positive impact of these changes did not become apparent until late Q3 and into Q4.

To give our shareholders greater insight into our progress, we are releasing production figures for the Gold Bar Complex during October, which show greater GEOs produced and reduced AISC due to changes made at the mine.

The Company is reaffirming its guidance from Q2, where the Gold Bar Complex is expected to produce 30,000 – 33,000 GEOs at an AISC of $2,900 – $3,200 per GEO for 2026.

The Gold Bar Complex is expected to increase annual production to 90,000 – 110,000 GEOs by 2030, driven by the development of Windfall, Lookout Mountain and Trinity Ridge. The Company plans to leverage existing infrastructure at site to reduce capital expenditures and is currently completing the engineering and environmental studies required to advance production permitting.

The next deposit for which a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex is Trinity Ridge, where we are looking at merging the smaller existing open pits into one enlarged pit that captures the gold mineralization that was excluded from the current Mineral Resource Estimate. The new Mineral Resource Estimate for Trinity Ridge is expected with the Q4 financial results. The global Resources for the Gold Bar Mine Complex now total Indicated Resources of 792,000 gold ounces at 0.64 gpt Au and Inferred Resources of 281,000 gold ounces at 0.78 gpt Au, in addition to Probable Reserves of 168,000 gold ounces at 0.61 gpt Au.

Argentina 

San José Mine (49% Ownership) – Year to date, the Company has received $58.3 million in cash dividends from the San José Mine, exceeding our estimate of $40 – $50 million. 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. Long term 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). San José ended Q3 with $134 million in cash and $181.4 million in working capital (100% basis).

Mexico

McEwen commenced construction at the new mill at El Gallo during Q3, with completion and mine commissioning targeted for Q4 2027. El Gallo represents an important step in advancing the Company’s development pipeline to production, with the potential to generate sustained free cash flow.

Phase 1 is expected to deliver at least 10 years of mine life, producing approximately 20,000 GEOs annually once commercial production is achieved. The Company believes there are opportunities to extend Phase 1’s operating life through initiatives requiring minimal additional capital.

Phase 2 offers a meaningful opportunity to increase production at low capital cost. Subject to permit approval, Phase 2 could increase annual production to approximately 40,000–50,000 GEOs, based on a 77:1 silver-to-gold ratio, by processing higher-grade material and modifying the process plant. Phase 2 would materially extend the mine’s operating life.

With construction underway, a defined path toward initial production, and opportunities to expand output, El Gallo has the potential to become an important contributor to McEwen’s future production profile and cash flow.

A newly updated Mineral Resource Estimate contained in this news release shows Measured and Indicated Gold of 417,400 ounces and Inferred Gold of 39,200 ounces. Measured and Indicated Silver totals 57.3 million ounces and Inferred Silver of 3.1 million ounces.

Notes:

• Effective date of the Mineral Resources estimate is 31 October 2026. Resources were prepared by Mr. Jose Cristobal Rojas Castillo (AIPG CPG) an employee of Compania Minera Pangea (a subsidiary of McEwen Inc.) under the supervision of the QP Mr. Luke Willis (P.Geo), an employee of McEwen Inc.
• Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Assuming open-pit extraction methods for all deposits, Mineral Resources demonstrate RPEEE by constraining pit-shells and are reported above economic cut-off grades ranging from 0.24-0.31gpt AuEq for gold dominant deposits and 10-30gpt AgEq for silver dominant deposits, depending on a mill or heap leach processing scenario.  The historically processed tailings pile resources at Mina Grande and Palmarito and the remnant resource material on the Heap Leach pad located at the Magistral mine are calculated at a zero cut-off grade and are not constrained.  The understanding is that due to the non-consolidated nature of the remaining piles, mining selectivity will be nearly impossible meaning the piles will be mined in their entirety.
• Cut-off grades considered the following: mining costs of $1.95/t; process cost ranges from $8.25-$16/t for a heap leach and $12-$26.25/t for a mill; heap leach metallurgical recoveries of 60-70% for gold, 35-60% for silver and mill recoveries of 60-95% for gold and 50-87% for silver.  Recovery rates were established using the results from bottle roll and column testing of composite samples from each deposit. Metal prices of $3,000/oz for gold and $50/oz for silver were used.
• Figures may not sum due to rounding.

Significant Ownerships

McEwen Copper

McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for McEwen Copper’s Los Azules project confirmed robust project economics, including initial 5-year average production of 205 ktpa of copper cathodes and a $1.71/lb C1 cash cost over a 22-year mine life. The study also identified the potential to extend the mine life by an additional 33 years under the Nuton case for a total of 55 years, with average copper cathode production of approximately 141 ktpa. The Nuton case is preliminary in nature and is not supported by Mineral Reserves.

McEwen Inc. also owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project.

Under the 2025 Feasibility Study base case of $4.35/lb copper, the royalty is projected to generate approximately $389.5 million of undiscounted pre-tax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80/lb and could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5 million.

During Q3, McEwen Copper continued to advance Los Azules toward a Final Investment Decision (“FID”). The engineering, cost estimate and execution plan that will form the basis for FID are on track for completion around year-end. Metso began work on the main process plant packages under limited notices to proceed. Four international engineering firms submitted bids for the engineering, procurement and construction management (EPCM) contract. McEwen Copper expects to complete its evaluation of the bids before year-end, and will award the contract once final terms are negotiated. Metallurgical test work, including 10-meter column leach tests, continues to positively support the heap leach design.

In August 2026, commitments under its term loan facility increased to $240 million, providing funding for continued engineering and early works. At the end of the quarter, McEwen Copper had $157.8 million in cash and cash equivalents and $138.9 million in working capital.

In September, McEwen Copper received environmental approval for the electrical interconnection of Los Azules to Argentina’s national power grid. The approval covers the high-altitude transmission route common to the power supply alternatives under consideration, allowing construction of this critical section of the power line. The province issued the approval within three weeks of the public hearing in Calingasta. Basic engineering for the power line and substations is complete, with engineering sufficiently advanced to proceed to tender. McEwen Copper also obtained land-use approvals for the 3,000-bed Los Azules construction camp and the Candadito camp, and environmental approval to explore the nearby Marisa I property. Together, these approvals further derisk the project’s power supply and construction logistics.

Exceptional snowfall in the Andes, the heaviest in more than two decades, has delayed the reopening of the site access road. Road crews expect to reach site in early 2027, although snowmelt and spring weather could push this later. Site works will start later than planned, and the delay may affect the construction schedule. It does not affect the engineering and cost work for FID, which is done off site. McEwen Copper is assessing options to recover the lost time, including adding camp capacity, and will reflect the outcome in the updated project schedule.

Société Générale continues to act as sole financial advisor for the project’s debt financing. In late October, it sent an indicative senior debt term sheet to a group of export credit agencies and development finance institutions. Their initial feedback will shape the final financing structure. Preparations for a potential initial public offering of McEwen Copper continue in parallel. McEwen Copper continues to target FID and full project financing in mid-2027, with first copper cathode production in 2030, subject to site access, completing the FID work program, securing project financing, and obtaining customary approvals.

In a recent door-to-door survey of 2,529 residents in 10 communities near the project, 97% of respondents said they accept Los Azules and 90% said they trust it. From 2023 to mid-2026, the project sourced $27.7 million in goods and services from suppliers in Calingasta and Barreal, the nearest towns. In September, Los Azules won the award for Outstanding Mining Company in Corporate Social Responsibility at Argentina Mining Norte 2026. In October, GEMERA, the association of Argentina’s mineral exploration companies, re-elected Michael Meding, Managing Director of McEwen Copper, as its President through 2028.

Glossary of Terms and Abbreviations

Table 3. Q3 & 9M 2025 & 2026 Comparative Production & Costs¹, and 2026 Annual Guidance

Notes to Table 3:

1. Cash costs per ounce, and all-in sustaining costs (AISC) per ounce and adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definitions of these non-GAAP measures, refer to the “Cautionary Note Regarding Non-GAAP Measures” section in this press release. For reconciliations to the closest U.S. GAAP measures, see the reconciliations in this press release and Management’s Discussion and Analysis in our Form 10-Q for the quarter ended September 30, 2026, filed on EDGAR and SEDAR+.
2. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratio of 68:1 for Q3 2026 and 88:1 for Q3 2025. 2026 production guidance is calculated based on 77:1 gold to silver price ratio.
3. El Gallo contributed 424 GEOs of production in Q3 2026 and 3,654 GEOs in 9M 2026 (99 GEOs in each of Q3 2025 and 9M 2025).
4. San José Mine figures represent the portion attributable to McEwen from its 49% interest in the San José Mine.

ABOUT MCEWEN

McEwen combines growing gold and silver production with a major copper development project and a royalty portfolio across the Americas. McEwen shares trade on the NYSE and TSX under MUX.

McEwen holds a 46.3% interest in McEwen Copper, owner of Los Azules, a large, long-life copper project in San Juan, Argentina. The shovel-ready project completed its Feasibility Study and received approval under Argentina’s Large Investment Regime (RIGI) in 2025.

McEwen also holds a 1.25% net smelter return royalty on Los Azules and a 26.7% interest in Paragon Advanced Labs Inc., a publicly listed company deploying PhotonAssay™ technology worldwide.

Chairman and Chief Owner Rob McEwen has personally invested over US$293 million and takes a salary of $1 per year, aligning his interests with shareholders. His goal is to multiply the value of shareholders’ investments—and his own—as he did building Goldcorp Inc.