McEwen Inc.

Our cash, cash equivalents and restricted cash balance increased by $37.8 million during 9M/25, from $17.5 million as at** **December 31, 2024 to $55.3 million as at September 30, 2025.

Cash provided by operating activities of $3.8 million during 9M/25 reflects the net loss of $3.7 million for the period, adjusted for non-cash impacts, including net losses from equity method investments of $12.3 million, depreciation, amortization, and depletion of $20.7 million, unrealized gains on marketable securities of $14.5 million, reclamation accretion and adjustments to estimate of $2.9 million, income and mining tax recovery of $7.7 million, stock-based compensation of $2.2 million, and a $9.1 million outflow from changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.

Cash used in investing activities of $39.8 million during 9M/25 consisted of additions to mineral property interests, plant and equipment of $35.0 million, advances to McEwen Copper of $5.1 million, and investments in marketable securities of $2.2 million. Cash used was offset by $2.2 million of dividends received from MSC.

Cash provided by financing activities of $73.7 million during 9M/25 consisted of $110.0 million in proceeds from the issuance of Senior Convertible Notes and $3.7 million in proceeds from an exercise of stock options warrants, offset by financing costs of $4.1 million, principal repayments on our term loan facility of $20.0 million, a $15.1 million purchase of capped call options, and the repayment of finance lease obligations for $0.8 million.

Working capital as at September 30, 2025 was $62.6 million, a $69.1 million increase from negative $6.5 million as at December 31, 2024. The increase in working capital was driven by an increase in cash and cash equivalents of $37.6 million, as well as a $22.6 million increase in marketable securities, a $7.9 million increase in receivables due from McEwen Copper Inc., a $11.4 million increase in current inventories, and a $5.0 million decrease in flow-through share premium, offset by a $5.8 million increase in contract liability and a $7.8 million increase in accounts payable and accrued liabilities.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months and beyond. See Note 10,Debt, Note 11,Reclamation And Remediation Liabilities, and Note 16,Commitments and Contingencies, to theconsolidated financial statements included elsewhere in this report for further details regarding our* *material cash requirements from known contractual and other obligations.