McEwen Inc. (NYSE:MUX) (TSX: MUX) is pleased to announce encouraging results from its 2025 drilling program at the Windfall Project, located on the Eureka Property in Nevada, some 32 miles (50 kilometers) from our Gold Bar Mine.

Key Results¹

• Drill hole WF033 hit a new high-grade zone containing:
  • 8.1 g/t (0.24 oz/T) gold over 8.7 meters (28.4 ft), including
  • 50.3 g/t (1.47 oz/T) gold, 782 g/t (22.83 oz/T) silver, 15% lead, 2.5% zinc over 1.3 meters (4.2 ft)
    (62.5 g/t (1.82 oz/T) gold equivalent)⁽²⁾

• Other strong results include:
  • 2.0 g/t (0.06 oz/T) gold over 38.3 meters (125.5 ft) (WF032)
  • 1.2 g/t (0.04 oz/T) gold over 17.1 meters (56.0 ft) (WF031)
  • 1.2 g/t (0.04 oz/T) gold over 10.1 meters (33.3 ft) (WF030)

Note 1 – Grades presented above are rounded; values with additional decimals are reported in the Appendix.
Note 2 – Gold equivalent (Au Eq.) uses price assumptions of $3,365/oz Au, $38/oz Ag, $0.85/lb Pb, and $1.25/lb Zn

These results confirm continuous gold mineralization in the main Windfall Fault Zone and reveal a brand-new fault zone in its footwall, with high grades of gold, silver, and base metals.

Why It Matters

• This high-grade discovery is exciting, and its significance will be determined by additional drilling.
• The new zone has similarities to mineralization at i-80 Gold’s Ruby Hill Mine, which has already produced 1.4 million ounces of gold.
• Because the Windfall area sits on private land, permitting could be faster than usual.

McEwen’s Drilling Goals at Windfall Project – Next Steps for 2025

1. Publish a resource estimate by year-end.
2. Test extensions of the mineralization at depth and along strike.
3. Collect samples for metallurgical testing.
4. Explore new targets near the project.

A detailed drill results table, geological discussion, supporting figures (location map, drill map, cross section) and photo of the high-grade core are provided in the Appendix to this press release, following the Investor Relations and Social Media section.

About McEwen Inc.

McEwen provides shareholders with exposure to gold, silver, and copper through operations in the USA, Canada, and Argentina, as well as its flagship Los Azules copper project in Argentina. Los Azules is advancing toward becoming one of the world’s first regenerative copper mines and carbon-neutral by 2038 and has the potential to rank among the 25 largest copper mines globally.

Chairman and Chief Owner Rob McEwen has invested over US$200 million personally and takes a salary of $1 per year, aligning his interests with shareholders.

Appendix – Technical Information

The information in this appendix is provided for technical readers and analysts.

Assay Highlights

*Au Eq. uses price assumptions of $3,365/oz Au, $38/oz Ag, $0.85/lb Pb, and $1.25/lb Zn

Geological Setting

• Gold mineralization is hosted in the Windfall Fault Zone within silicified and decalcified breccia in dolomite of the Hamburg Formation.
• A newly discovered fault 50 m east of Windfall contains high-grade gold, silver, lead, and zinc in carbonate replacement deposit (CRD)-style mineralization.
• The combination of CRD- and Carlin-style mineralization suggests strong potential for additional high-grade discoveries.

Metallurgical & Permitting Notes

• Four PQ-sized (85 mm / 3.35 in) holes were drilled for metallurgical testing and continuity analysis.
• Oxidized gold mineralization demonstrated strong cyanide recovery (CN ratios above 60% are considered favorable for heap leach processing).
• The Windfall area sits on patented claims, which could reduce permitting timelines.

Table 1: Initial drill assay results from the 2025 drilling program at the Windfall Project

Figures

Figure 1: Map of Eureka Property showing Windfall, Lookout Mountain, and Ruby Hill Mine

Figure 2: Windfall drill map with intercept highlights

Figure 3: Cross-section of WF033 showing CRD- and Carlin-style mineralization

Figure 4: PQ drill core photo from WF033 high-grade interval