McEwen Inc.

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

*Revenue from gold and silver sales:*During Q3/25, revenue from our 100%-owned operations decreased by 3% to $50.5 million, from $52.3 million in Q3/24. This was primarily driven by a 30% decrease in GEOs sold and offset by a 39% increase in realized gold prices, from $2,499 per GEO in Q3/24 to $3,477 per GEO in Q3/25.

Production costs applicable to sales: During Q3/25, production costs applicable to sales increased by 19% to $35.2 million from $29.7 million in Q3/24. This increase was primarily driven by higher operational stripping costs for deposits mined at the Gold Bar Mine Complex in Q3/25. At the Fox Complex, our cost base also increased, driven by higher contractor labour and operational development costs to advance Froome West.

Advanced project costswere $1.7 million in Q3/25, a decrease of $2.5 million compared to Q3/24. These costs are related to our Fenix Project which remained on care and maintenance during Q3*.*The Company intends to make a production decision on this project by the end of 2025 subject to permit approval.

Exploration costs were $6.8 million in Q3/25, compared to $5.3 in Q3/24. At the Fox Complex, $3.0 million was spent primarily on diamond drilling at the Gibson area of the Grey Fox project. At the Gold Bar Mine Complex, $3.8 million was spent on infill drill programs for operational areas, as well as exploration drilling at the Windfall and Lookout Mountain projects.

*Loss from investment in McEwen Copper:*During Q3/25, we recorded a loss of $4.3 million from our investments in McEwen Copper, compared to $1.9 million during Q3/24. This loss represents our proportion of McEwen Copper’s net loss. Effective September 3, 2025, the Los Azules project advanced into the development stage following the confirmation of economically viable mineral reserves. During this stage, eligible expenditures will be capitalized, and depreciated over the life of mine after commercial production is achieved.

Income from investment in MSC: During Q3/25, we recorded income of $3.5 million from our investment in MSC, compared to a loss of $1.2 million during Q3/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.

*Interest and other finance expense, net:*Interest and other finance expenses totaled $1.6 million in Q3/25 compared to $1.1 million in Q3/24. This increase reflects the increase in monthly interest payments on the Company’s higher outstanding debt.

Other income: During Q3/25, we generated $8.3 million of other income, compared to other expense of $0.1 million in Q3/24. The increase was primarily driven by unrealized gains on marketable securities.

Income and mining tax recovery: For Q3/25, we recorded an income tax recovery of $1.3 million, compared to an expense of $0.8 million in Q3/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $0.6 million.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Revenue from gold and silver sales: During 9M/25, revenue from our 100%-owned operations decreased by 6% to $132.9 million, from $141.0 million in 9M/24. This was primarily driven by a 31% decrease in GEOs sold and offset by a 37% increase in realized gold prices, from $2,342 per GEO in 9M/24 to $3,218 per GEO in 9M/25.

Production costs applicable to sales: During 9M/25, production costs applicable to sales decreased by 5% to $82.6 million from $86.8 million in 9M/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.

Advanced project costs were $4.2 million in 9M/25, compared to $7.9 million in 9M/24. These costs are related to our Fenix Project which remained on care and maintenance during Q3/25*.*The Company intends to make a production decision on this project by the end of 2025 subject to permit approval.

Exploration costs totaled $15.9 million in 9M/25, comparable to $14.2 million in 9M/24. Of this, $8.1 million was spent on diamond drilling at the Gibson area of the Grey Fox Project, while $7.8 million was invested in infill drill programs at the Gold Bar mine and the Windfall and Lookout Mountain projects in Nevada.

Loss from investment in McEwen Copper: During 9M/25, we recorded a loss of $19.8 million from our investments in McEwen Copper, compared to $36.7 million during 9M/24. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.

Income from investment in MSC: During 9M/25, we recorded an income of $7.6 million from our investment in MSC, compared to $4.8 million during 9M/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theconsolidated financial statements.

Interest and other finance expense, net: Interest and other finance expenses totaled $4.7 million in 9M/25, an increase of $1.0 million compared to $3.7 million during 9M/24. This increase reflects the increase in monthly interest payments on the Company’s higher outstanding debt.

Other income: Other income of $17.0 million in 9M/25 increased from $0.1 million in 9M/24 mostly due to a $14.5 million gain on our investment in marketable securities and a $2.1 million gain on foreign exchange revaluation of our liabilities.

Income and mining tax recovery: For 9M/25, the Company recorded an income tax recovery of $3.5 million, compared to $4.1 million in 9M/24. Income tax recovery primarily reflects the amortization of the flow-through share premium.