McEwen Inc.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 5, 2025

MUX$16.23+4.8%Stored close · as of Nov 9, 2026

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Gold Bar Mine

The following table summarizes the operating and financial results for the Gold Bar Mine for the three and nine months ended September 30, 2025, and 2024:


· · Three months ended September 30, · · Nine months ended September 30,
· 2025 · · 2024 · 2025 · 2024
Operating Results · ·
Mined mineralized material (kt)	442	381	1,280	1,709
Average grade (g/t Au)	0.47	0.83	0.76	0.88
Stacked mineralized material (kt)	430	306	1,299	1,636
Average grade (g/t Au)	0.44	0.84	0.74	0.89
Gold ounces:
Produced	8,190	13,639	24,281	37,649
Sold	8,538	13,325	24,823	38,025
Silver ounces:
Produced	80	129	353	425
Sold	472	700	472	700
GEOs:
Produced	8,191	13,640	24,285	37,654
Sold	8,543	13,333	24,828	38,033
Revenue from gold and silver sales ($000s)	$29,427	$33,251	$79,340	$88,215
Cash costs (1) ($000s)	$21,701	$17,078	$44,815	$49,515
Cash costs per ounce ($/GEO sold) (1)	$2,540	$1,281	$1,805	$1,302
All‑in sustaining costs (1) ($000s)	$24,363	$24,293	$56,749	$58,860
AISC per ounce ($/GEO sold) (1)	$2,852	$1,822	$2,286	$1,548
Gold : Silver ratio	88 : 1	85 : 1	92 : 1	85 : 1

(1)	This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 40.

The Gold Bar mine produced 8,191 GEOs in Q3/25, a 40% decrease compared to 13,640 GEOs in Q3/24, primarily due to mining and processing of lower grade material. During 9M/25 and 9M/24, the Gold Bar mine produced 24,285 GEOs, down from 37,654 GEOs in 9M/24. While the decrease in ounces produced primarily reflects the transition of mining activities from the higher grade Gold Bar South deposit in 2024 to the lower grade Pick III deposit in 2025, fewer ounces than expected were produced during Q3/25 due to differences identified between the geological model and mining zones. The Company has reinterpreted historic drill holes supported by the recognition of geological faults in a drilling campaign conducted during Q3/25. The geological model is being updated to reflect these findings.

Revenue from gold and silver sales was $29.4 million in Q3/25, down from $33.3 million in Q3/24, primarily due to a 36% decrease in GEOs sold resulting from lower production volumes, partially offset by a 40% increase in the realized gold price. The same factors impacted revenue for 9M/25 compared to 9M/24.

Production costs applicable to sales were $21.7 million in Q3/25, a 27% increase from $17.1 million in Q3/24. The increase was primarily driven by increased mining contractor costs to perform stripping activities required at Pick III, which had been capitalized during the comparative period in 2024. For 9M/25 and 9M/24, production costs applicable to sales were $44.8 million and $49.5 million, respectively, reflecting fewer GEOs sold in 2025 compared to the prior year period.

Cash costs andAISC per GEO sold in Q3/25 were $2,540 and $2,852 respectively, compared to $1,281 and $1,822 in Q3/24, respectively. Cash costs and AISC per GEO sold in 9M/25 and 9M/24 were $1,805 and $2,286 , respectively, compared to $1,302 and $1,548, respectively. The increase in cash costs, and a corresponding increase in AISC, was primarily attributable to the high-stripping phase at Pick III through Q3/25 and 9M/25.

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