McEwen Inc. (NYSE: MUX) (TSX: MUX) announced its second quarter and half year results for the period ended June 30, 2025, along with a discussion of our upcoming near-term catalysts.

“During H1 2025 we invested in development projects, including the proposed acquisition of Canadian Gold Corp., to position our company for operational growth. In addition, net income will be further improved with the publishing of the Los Azules Feasibility Study, as McEwen Copper will be able to capitalize the majority of the development costs going forward. Year-to-date, this expense was $15.6 million.”

The higher gold price, while expected, had a welcome positive impact on our cash flow and net income,” said Rob McEwen, CEO and Chief Owner.

Highlights of Q2 2025

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

Looking Ahead – 7 Catalysts

Production goal of 250,000 to 300,000 GEOs consolidated by 2030.

• Resource update for Windfall and Lookout Mountain projects in Nevada, near our Gold Bar Mine expected in Q4 2025. Permitting relating to production has been initiated.
• Completing the acquisition of Canadian Gold Corp. by early 2026.
• Grey Fox Pre-feasibility Study H1 2026.
• Commencement of production at Stock Mine by mid-2026
• Potential future dividend from San José based on price environment and working capital
• Continuing exploration updates across the Company
• Added driver – Los Azules Feasibility Study late Q3 2025

Individual Asset Performance – Production & Costs, Project Updates
(See Table 1 for Q2 2025 and H1 2025 production and costs, 2024 comparatives and 2025 guidance)

Gold Bar Mine, Nevada (100% owned)

Production and Costs

• 8,406 GEOs were produced.
• Costs per GEO sold were $1,679 cash costs and $1,792 AISC, both within 2025 guidance range. As accelerated stripping activity, initiated to take advantage of higher gold prices, is nearing completion, we expect production to increase, and costs per GEO to decrease in H2.
• Annual Guidance for the year 40,000–45,000 GEOs

Exploration

• Spent $1.2 million at Gold Bar Mine to extend the current mine life beyond 2029.
• Spent $1.3 million at Lookout Mountain and Windfall projects to advance them towards production.

Fox Complex Mine, Ontario (100% owned)

Production and Costs

• 5,429 GEOs from mining in the lower-grade zones at the bottom of the Froome mine.
• Costs per GEOs sold were $2,212 cash costs and $2,563 AISC. As output increases in H2 2025, costs per GEO sold are expected to decline.
• Annual Guidance for the year 30,000–35,000 GEOs.

Exploration

• Delineation drilling around Froome Mine led to the discovery of new high-grade gold mineralization approx. 200 meters (650 feet) to the west, which is expected to extend the mine life and supports continuing exploration of the area for potential resource expansion.
• Invested $2.9 million at Grey Fox’s Gibson Zone, completing 20,000 m (67,000 ft) of drilling.
• Notable Gold Assays

Froome West

• Along the high-grade plunge: 36.0 g/t Au over 10.0 m and 9.3 g/t Au over 7.8 m (TW, drill hole 25PR-G424)
• Extending mineralization further West: 11.7 g/t Au over 2.4 m and 18.5 g/t Au over 0.5 m (TW, drill hole 25PR-G390)

Grey Fox

• 12.4 g/t Au over 1.7 m incl. 27.9 g/t Au over 4.5 m (TW, drill hole 25GF-1539)
• 6.2 g/t Au over 7.8 m incl. 4.4 g/t Au over 16.0 m (TW, drill hole 25GF-1537)
• Building on the resource size, currently at 1,538,000 gold ounces @ 3.64 g/t Au Indicated & 458,000 gold ounces @ 3.30 g/t Au Inferred.

Development

• Invested $5.6 million on Stock ramp, having completed the portal access; targeting commercial production by the middle of 2026.
• Extended Froome mine life through the middle of 2026 with the discovery of Froome West.

San José Mine, Argentina (49% owned)

Production and Costs

• Attributable production: 13,719 GEOs, down due to lower grades and recovery rates.
• Costs per GEO sold were $2,310 cash costs and $2,842 AISC, influenced by high inflation outpacing the devaluation of the Argentine peso and increased use of contractors. Production growth in H2 is expected to reduce these costs closer to guidance.
• A $2.2 million dividend distribution was received during H1 2025.
• Building cash balances at San José mine, reaching $55.6 million (100% basis) as of June 30, 2025.
• Annual guidance of 50,000–60,000 GEOs.

McEwen Copper – Los Azules Project, Argentina (46.4% ownership and 1.25% NSR)

Projects Update

• Invested $15.6 million in Q2, advancing towards publishing a Feasibility Study in late Q3 2025.
• Feasibility Study progressing
  • Cost estimates and hydrogeological modeling being completed to current market conditions.
  • Engineering focusing on reducing upfront capital through layout and infrastructure optimization.
  • Q3 2025 priorities: finalizing geotechnical inputs, completing the optimized mine schedule, life-of-mine production profile, capital and operating cost estimates, and the heap leach design.
• Submitted RIGI application to secure significant tax and regulatory benefits
  • Application submitted on February 11, 2025
  • On July 11, 2025, a revised application was submitted.

Exploration & Development

• Completed geotechnical, hydrogeological, and condemnation drilling for the Feasibility Study.
• Finalizing updated resource model.
• Exploration has generated three other nearby copper targets which will be drilled in late fall of 2025.

Further Corporate Developments

• On July 2, 2025, the Company entered into a milling agreement with Inventus Mining Corp. The agreement enables us to utilize excess milling capacity and reduce our cost per ounce.
• On July 27, 2025, the Company signed a binding LOI to acquire Canadian Gold Corp., a strategic move to increase our resource base and future production in Manitoba, a mining friendly part of Canada. Upon completion of the acquisition, the next steps are to update the current resource estimate, prepare a preliminary economic assessment, and amend the mining permits associated with the Tartan Mine so we can restart production quickly. During this process, McEwen intends to continue exploration drilling at the Tartan Mine and the newly acquired high-grade gold properties to the west.

Table 1. Q2 and H1 2025 Production and Costs, Comparatives from Q2 and H1 2024 and 2025 Guidance Range

Notes:

1. Cash gross profit, cash costs per ounce, and all-in sustaining costs (AISC) per ounce, adjusted 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 June 30, 2025, filed on EDGAR and SEDAR Plus.
2. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratios: 99:1 for Q2 2025, 81:1 for Q2 2024, and 85:1 for 2025 production guidance. H1 2024 consolidated production included 920 GEOs recovered form tailings at El Gallo mine.
3. San José Mine figures represent the portion attributable to McEwen from its 49% interest in the San José Mine.

ABOUT MCEWEN

McEwen provides its shareholders with exposure to gold, copper and silver in the Americas through three operating mines located in the USA, Canada and Argentina , as well as its large, advanced-stage copper development project in Argentina. The Company also owns a gold and silver mine currently on care and maintenance in Mexico. Its Los Azules copper project is designed to become one of the world’s first regenerative copper mines, with a commitment to achieving carbon neutrality by 2038.

Rob McEwen, Chairman and Chief Owner, has personally invested US$205 million in the companies and takes a salary of $1/ year. He is a recipient of the Order of Canada and a member of the Canadian Mining Hall of Fame. His objective is to build shareholder value and establish a dividend, as he did while building Goldcorp Inc.
McEwen’s shares are publicly traded on the New York Stock Exchange and the Toronto Stock Exchange.