McEwen Inc. (NYSE:MUX) (TSX: MUX) announced its fourth quarter (Q4) and full year results for the period ended December 31, 2025, along with an update on its development projects as the Company looks to increase production to 250,000 – 300,000 GEOs by 2030, while lowering costs and extending mine life across operations.

“With gold and silver trading near record highs, we reported significant Net Income and Adjusted EBITDA for Q4 and the full year 2025.

Our Q4 operating and financial performance positions us to potentially generate $80 million in free cash flow from our 100%-owned operations, and more than $50 million in dividends from our 49% ownership in the San José Mine during 2026. This strong cash flow will enable us to accelerate our plans to doub le production.

At the same time, we are advancing Los Azules, one of the world’s largest undeveloped copper deposits. We received approval to enter RIGI – Argentina’s Large Infrastructure Investment Incentive Regime, which grants us 30 years of regulatory stability, access to international arbitration in the event of disputes, a significantly lower tax rate, along with removed exchange controls. RIGI is a game changer for Argentina’s mining sector and for projects that qualify under the program.

We also released a strong feasibility study at the end of last quarter that outlines a base case scenario with a 22-year project life, average copper production of 205 ktpa in the first five years, and 148 ktpa of copper cathodes over the life of the asset. Our study also highlights the potential for an additional 33 years of mine life at 141 ktpa copper production. At a copper price of $4.35 per pound (base case), Los Azules has an after-tax NPV (8%) of $2.9 billion, or approximately $23 per attributable MUX share. At $5.80 per pound, the after-tax NPV (8%) increases to $6.3 billion, or approximately $49 per share.

These results demonstrate the potential for Los Azules to become a generational copper asset. As global demand for copper accelerates with electrification and infrastructure investment, Los Azules stands out as a transformational opportunity for our shareholders and reflects our vision to build a new model for the mine of the future.

The project has been designed as a low-cost, environmentally responsible operation, with one-quarter the water consumption of a comparable conventional mine, one-tenth the carbon emissions, and the potential to operate using 100% renewable power, while eliminating the need for conventional tailings storage,” < /strong>stated Rob McEwen, CEO and Chief Owner.  

McEwen is advancing the following projects:

Canada

In Canada, McEwen is forecasting that production will grow from 16,000-19,000 GEOs in 2026 to 105,000-120,000 GEOs by 2030, coming from the Fox Complex and the recently acquired Tartan Mine Project.

• Stock Mine (Fox Complex, Timmins, Ontario) – During 2025, we invested $29.5 million in advancing Stock towards production. This is the Company’s first step toward increasing production from current levels. Stock remains on schedule and on budget to begin initial production by mid-2026, with commercial production scheduled for 2027. This is expe cted to result in lower-cost gold production at the Fox Complex 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 this year.
• Grey Fox (Fox Complex, Timmins, Ontario) released an updated Mineral Resource Estimate in January that showed Indicated Resources increased by +23% to 1,892,000 gold ounces (19,474,000 tonnes @ 3.02 gpt Au) and Inferred Resources of 436,000 gold ounces (5,101,000 tonnes @ 2.66 gpt Au). A Pre-feasibility Study scheduled for release in Q2 2026 will highlight the Company’s ability to materially extend the mine life at the Fox Complex. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000 to 90,000 GEOs per year.
• Tartan Mine Project (Flin Flon, Manitoba) is expected to deliver a Mineral Resource Estimate by the end of March. The Company is continuing its exploration, reviewing existing environmental licenses, and planning additional metallurgical testing 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 of the potential mill capacity from 500 tpd to 1,000 tpd could see production grow to 45,000 – 55,000 GEOs per year.

USA

In the USA (Nevada), McEwen is forecasting that production will grow from 39,000 – 43,000 GEOs in 2026 to 90,000 – 110,000 GEOs by 2030, coming from L ookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex.

• Lookout Mountain, Windfall and Trinity Ridge (Gold Bar Mine Complex) – Gold Bar’s transformation into a long-life mine starts today with the publication of the updated Mineral Resource Estimate for the Lookout Mountain deposit, which shows Measured & Indicated Resources of 402,300 gold ounces (19,570,000 tonnes @ 0.64 gpt Au) and Inferred Resources of 134,200 gold ounces (7,292,000 tonnes @ 0.57 gpt Au). Approximately 90% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods currently being used at the Gold Bar Mine.

  Trinity Ridge is the deposit formerly known as Unity Ridge and lies within the current Plan of Operations at Gold Bar. Mineral Resource Estimates fo r Trinity Ridge and the Windfall deposit, located to the south, are scheduled for later this year and are expected to meaningfully grow total resources.

  The Company is advancing these deposits towards production to incorporate them into the Gold Bar Mine Complex mine plan, targeting a combined annual production of 90,000 to 110,000 GEOs from the three areas.

• Golden Lake Resources Inc. entered a definitive agreement to be acquired by McEwen, with closing expected by early April 2026. 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 resource base at the Gold Bar Mine Complex and to increase mine life.

Mexico

In Mexico, McEwe n is forecasting 20,000 GEOs per year starting mid-2027.

• El Gallo – Phase 1 production is targeted for mid-2027. Detailed engineering is underway, with construction of the mill expected to begin in Q2 2026. Phase 1 is expected to operate for 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. Permit approval of Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 to 50,000 GEOs (based on a 77:1 silver/gold ratio) due to higher grades being processed. 

Argentina

• San José Mine – The operation is beginning to benefit 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 for the Company as it expands 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/gold ratio).
• Los Azules – RIGI approval was obtained in September 2025 granting significant benefits which include regulatory stability, lower overall tax burden, access to international arbitration and guaranteed access to foreign currency.

  We released a strong feasibility study in October 2025 with headline production of 205 ktpa copper cathodes that can be directly delivered to industry, at $1.71/lb C1 cash cost and $2.11/lb AISC, and average production of 148 ktpa copper over 22 years. The study also highlights upside potential to add another 33 years of mine life with 141 ktpa of copper production, using Rio Tinto’s Nuton technology or a conventional concentrator.

  Our team is continuing detailed engineering, with the aim of delivering a Final Investment Decision (FID) by end of this year, with construction targeted to begin in early 2027, subject to project financing.

• With the Feasibility Study completed, project costs for Los Azules began to be capitalized in late Q3 2025 under U.S. GAAP.

Highlights of Q4 and Full Year 2025

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

Individual Asset Performance – Production & Costs

(See Table 3 for Q4 and full year 2025 production and costs, 2024 comparatives and 2026 guidance)

San José Mine, Argentina (49% owned)

The San José Mine had an excellent Q4 with attributable production of 18,492 GEOs, 23% up from Q3 2025. This is the highest quarterly production of 2025 and is a result of increased plant capacity and mining rates. Production costs per GEO sold were also down in Q4 with $1,940 cash costs and $2,201 AISC, which is a decrease of 12% and 21%, respectively, compared with Q3 2025. For the full year, GEO productio n was at the high end of the initial production range at 58,120 GEOs with cash costs and AISC per GEO sold being above guidance at $2,206 and $2,636, respectively.

In February 2026, McEwen received an $8.8 million dividend payment from the San José Mine for Q4. The average realized price for gold and silver by the mine during the quarter was $4,815 and $63.05 per ounce, respectively. Starting in 2026, San José’s intention is to pay out 90% of the mine’s free cash flow to the partners. With current silver and gold prices, McEwen expects this to have a meaningful impact towards funding its internal growth opportunities. At year-end, the San José Mine held a cash balance of $151.8 million on a 100% basis.

Gold Bar Mine Complex, Nevada (100% owned)

Exploration 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 resource estimate areas. McEwen believes that integrating these areas into the mine plan has the potential to transform the Gold Bar Mine Complex into a long-life asset. The Company plans to release Mineral Resource Estimates for each area, with the updated estimate for Lookout Mountain shown below:

Table 1. Mineral Resource Estimate for Lookout Mountain – Open Pit Au Cut-off Grade: 0.005 oz/ton oxide and 0.050 oz/ton unoxidized

Notes to Table 1:

1. Effective date of the Mineral Resource estimate is November 11, 2025. 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 Ex traction (RPEEE) using an optimized resource pit shell above economic cut-off grades of 0.005 oz/ton gold for oxidized material and 0.050 oz/ton for unoxidized material.  Cut-off grades are based on the following costs and parameters: mining costs of U$3.39/ton (mineralized) and U$2.81/ton (waste), heap leach process cost of U$4.93/ton, toll milling costs of U$20/ton, NSR royalty of 4%, metallurgical recoveries of 78% (oxide) and 75% (unoxidized), and a gold price of US$3,000/oz.
4. Figures may not sum due to rounding.

Approximately 90% of the Mineral Resource Estimate at Lookout Mountain is oxide gold mineralization, that could potentially be processed using the same heap leaching methods as the Gold Bar Mine. In 2026, Lookout Mountain, Windfall and Trinity Ridge will undergo ongoing development work, including metallurgical studies and mining designs, with the objective of advancing the depos its towards a production decision. Mineral Resource Estimates for Windfall and Trinity Ridge will be completed separately and released later this year. 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 for both areas. The combined targeted production from the three areas is of 90,000 – 110,000 GEOs per year. The Company is planning to invest approximately $10 million in exploration across the Gold Bar Mine Complex in 2026. 

On January 28, 2026, McEwen announced that it had entered into a Definitive Agreement with Golden Lake Exploration Inc. whereby McEwen would acquire all issued and outstanding shares of Golden Lake by way of a plan of arrangement. If the proposed transaction is completed, Golden Lake would become a wholly owned subsidiary of McEwen. Golden Lake’ s principal assets are the 100%-owned Jewel Ridge and Jewel Ridge West projects located adjacent to McEwen’s Windfall and Lookout Mountain deposits at the Gold Bar Mine Complex.

The Company is also preparing plans to explore the northern section of the Gold Bar Mine Complex known as North Tonkin, which is located approximately four miles south of Barrick’s large, high-grade Fourmile discovery. Fourmile has an Indicated resource estimate of 2.6 million gold ounces at 17.59 gpt Au and Inferred resources of 13 million gold ounces at 16.9 gpt Au (Barrick press release dated February 5, 2026). North Tonkin lies on the intersection of the Battle Mountain Trend and the Northern Nevada Rift, with the potential for the Cortez structural corridor to extend through the property. The area has seen limited exploration, particularly at dep th. The Company’s exploration team is currently developing a plan to evaluate this portion of the property.

Fox Complex Mine, Ontario (100% owned)

Exploration at Fox

Exploration drilling at Froome West, the source of all current Fox Complex production, is ongoing. Recent drilling extended the higher-grade gold mineralization by 100 meters vertically, representing a 45% increase. These results provide confidence that additional resources exist below the currently planned mine limit, indicating the potential to extend Froome West’s mine life. This would allow the Company to feed the mill from multiple sources from H2 2026, in addition to the Stock Mine, which is currently under development.

Highlights from recently released drilling at Froome include (TW = true widths, press release dated December 4, 2025):

• 23.5 gpt gold over 3.7 meters (TW) in drillhole 25PR-G475 
• 7.9 gpt gold over 6.4 meters (TW) in drillhole 25PR-G454 
• 7.5 gpt gold over 4.4 meters (TW) in drillhole 25PR-G457 
• 6.1 gpt gold over 10.4 meters (TW) in drillhole 25PR-G478 
• 7.7 gpt gold over 20.4 meters (TW) in drillho le 25PR-G467 

On January 20, 2026, the Company released the results from its updated Grey Fox Mineral Resource Estimate that now totals 1,892,000 Indicated gold ounces (19,474,000 tonnes @ 3.02 gpt Au) and 436,000 Inferred gold ounces (5,101,000 tonnes @ 2.66 gpt Au), calculated using a gold price of US$3,000 per ounce. This updated resource model will form the basis of the Grey Fox pre-feasibility study (“PFS”) that will be published in Q2 2026.  

The team at McEwen has identified two areas at Grey Fox where underground mining could be accelerated: 1) Gibson Zone, located near existing underground infrastructure, and 2) Whiskey Jack, which contains higher-grade gold areas.

The Gibson Zone is near existing underground infrastructure, including a portal and ramp from surface, and contains Indicated Resources of 393,000 gold ounces (4.5 million tonnes @ 2. 72 gpt Au) and Inferred Resources of 297,000 gold ounces (3.6 million tonnes @ 2.59 gpt Au).

Highlights from the 2025 drilling campaign at Gibson include (TW = true widths, press releases dated May 7, 2025, and September 2, 2025):

• 12.4 gpt gold over 10.7 meters (TW) in drillhole 25GF-1528 
• 10.1 gpt gold over 5.8 meters (TW) in drillhole 25GF-1597 
• 10.4 gpt gold over 5.6 meters (TW) in drillhole 25GF-1564 

Whiskey Jack, while smaller, is the highest-grade zone at Grey Fox and contains Indicated Resources of 122,000 gold ounces (735,000 tonnes @ 5.16 gpt Au) and Inferred Resources of 5,000 gold ounces (27,000 tonnes @ 5.84 gpt Au).

Both zones present oppo rtunities for accelerated mining and high returns on capital. The Company will be detailing these opportunities in its upcoming PFS.

Development at Fox – Stock Mine

Development work at Stock continues on schedule and within budget, with $29.5 million invested during 2025. The new ramp will connect the West and the East zones to the existing historical underground mine. Stock is expected to begin initial production by mid-2026, with commercial production starting in 2027. The advantages of mining at Stock compared to Froome include 1) reduced royalty burden, 2) softer material, leading to higher mill throughput, and 3) lower hauling cost due to its proximity to the mill. Additional upside is being evaluated in the historically mined Stock Main zone as development progresses through this area.

The Company is targeting annual production from Grey Fox and Stock of approximately 75,000 – 90,000 GEOs per year once in full production.

Individual Asset Performance – Project Updates

El Gallo, Mexico (100% owned)

At El Gallo, we anticipate beginning construction mid-2026 with production commencing mid-2027. Final engineering for the mill, which has been purchased and is onsite, is well advanced.

Phase 1 is expected to operate for 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. Production will come from the reprocessing of the material currently on the leach pad, through a ball mill and recovery circuit. Remaining capital costs to complete construction are estimated at $25 million. Since the material to be processed has been previously mined, no significant development or exploration costs are anticipated during Phase 1.

The Company has also started work o n Phase 2, which will involve production from El Gallo’s silver deposits. This would extend the life well beyond the 10 years contemplated under Phase 1 and increase production to 40,000 – 50,000 GEOs (based on a 77:1 silver-to-gold ratio) due to higher grades.

For the El Gallo and district satellite deposits, historical silver resources total 53.1 million silver ounces in the Measured and Indicated categories and 31 million silver ounces in the Inferred category for areas that have not currently been mined (El Gallo Complex Phase II Project, NI 43-101 Technical Report Feasibility Study, September 10, 2012). Resources were calculated using a silver price of $28.50 per ounce and a gold price between $950 and $1,500 per ounce. This estimate is historical in nature; a qualified person has not done sufficient work to classify the historical estimate as curre nt mineral resources and should therefore not be relied on or considered as current. The Company will be updating the resource estimates for El Gallo in 2026, based on the currently known resource areas.

Tartan Mine Project, Manitoba (100% Owned)

A Mineral Resource Estimate for the Tartan Mine Project that is nearing completion is expected to be released by the end of March and will serve as the first key milestone towards restarting the mine. The Company is reviewing how it can best utilize the existing licenses and infrastructure at Tartan to shorten the time to production and incorporate future expansion possibilities. The initial production target of 30,000 GEOs per year has the potential to increase through further permit modifications and expanding the proposed mill and process plant.

Since the Mineral Resource Estimate cut-off date (December 31, 2025) one drill has been working con tinuously at the project. A second drill planned to arrive in Q2 will initially focus on collecting mineralized samples for metallurgical test work, before transitioning to exploration drilling. The Company anticipates operating two drills for the remainder of 2026 and increasing the exploration budget to $6 million from the initial $3 million.

Highlights from recently released drilling include (CW = core width, press release dated January 13, 2026):

• 7.5 gpt gold over 18.9 meters (CW) in drillhole TLMZ25-51W3
• 12.3 gpt gold over 14.0 metres (C W) in drillhole TLMZ25-49
• 6.6 gpt gold over 7.0 metres (CW) in drillhole TLMZ25-51W1 

Regional exploration is scheduled to begin in Q2, along the prominent Tartan shear zone that is host to the majority of gold mineralization in the area, in order to refine potential drill targets. The focus will be to follow-up on encouraging grab and channel samples taken in 2025 with the objective of identifying additional resources that can leverage the current and proposed Tartan infrastructure.

McEwen Copper – Los Azules Copper Project, Argentina (46.3% Ownership and 1.25% NSR by McEwen)

• RIGI (Large Investment Incentive Regime) application approved, securing significant tax and regulatory benefits in Argentina.

  The approval of the RIGI application marks a major milestone for Los Azules, granting significant tax, legal, and regulatory benefits in Argentina.

  Under RIGI, Los Azules benefits from 30 years of legal, fiscal, and customs stability, providing a predictable framework and strong protection against future regulatory changes. Key incentives include a reduced corporate income tax rate of 25% (down from 35%), a 50% reduction in dividend withholding tax, accelerated depreciation for new investments, release of VAT payments during construction, and exemption from export duties at the start of exports. The regime also allows the project to retain export proceeds offshore, providing effective foreign exchange stability.

• Feasibility Study completed. Summary results published on October 7, 2025, indicate robust project economics from production designed for low environmental impact:

Table 2. Los Azules After-Tax Economics – Base Case vs. Current Copper Prices

Fig. 1 Los Azules Project Financial Sensitivity – NPV and IRR

 International Finance Corporation, a member of the World Bank Group, and McEwen Copper signed a collaboration agreement to align the Los Azules project with IFC’s environmental, social and governance standards for future potential debt and equity financing. The agreement also provides IFC with customary rights for IFC to act, at its sole discretion, as lender and/or arranger for prospective project debt financing. These rights are non-exclusive and do not constitute a commitment to provide financing; any IFC financing would remai n subject to satisfactory due diligence, internal approvals and execution of definitive documentation. 

• United Nations Global Compact*: In August 2024, Los Azules formally joined the United Nations Global Compact through its Argentine Network, reinforcing its commitment to sustainability, human rights, fair labor practices, environmental stewardship, and corporate transparency.

  This affiliation marks a significant milestone in the project’s responsible development strategy, as it strengthens the integration of environmental, social, and governance principles, aligning the company’s actions with the United Nations’ 2030 Agenda and its Sustainable Development Goals.

  *Launched by the United Nations in 2000, it is a voluntary framework that encourages businesses and organizations worldwide to align their strategies and operations with ten universally accepted principles in the areas of human rig hts, labor, environment, and anti-corruption. (See: https://unglobalcompact.org/)

Table 3. Q4 & 12M 2025 Production and Costs¹, Comparatives from Q4 & 12M 2024 and 2026 Annual Guidance

Notes to Table 3:

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 December 31, 2025, filed on EDGAR and SEDAR Plus.
2. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratios: 76:1 for Q4 2025, 85:1 for Q4 2024, 86:1 for 12M 2025, 85:1 for 12M 2024, and 77:1 for 2026 production guidance.
3. El Gallo contributed 1,052 GEOs of production in 12M 2024 and 1,152 GEOs of production in 12M 2025.
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 shares trade on both the NYSE and TSX under the ticker MUX.

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 s ilver 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 designed 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 over US$200 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.