McEwen Inc.

The Minera Santa Cruz Segment is consists of a 49% interest in the San José mine, located in Santa Cruz, Argentina. Hochschild is the majority owner and operator of the San José mine.

The following table sets out certain operating results for the San José mine for the three and nine months ended September 30, 2025, and 2024 on a 100% basis:

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

The analysis below compares the operating and financial results of MSC on a 100% basis.

On a 100% basis, the San José Mine produced 30,583 GEOs in Q3/25, representing a 10% increase compared to 27,927 GEOs in Q3/24 (9M/25 and 9M/24 – 80,874 GEOs and 84,264 GEOs, respectively). The decrease in the 9M/25 period was primarily due to lower milled grades, with gold and silver head grades declining by 11% and 24%, respectively, with a related 2% decrease in recovery rates for both metals. These impacts were partially offset by a 29% increase in tonnes processed during the period, supported by the installation of a new vertical mill completed in December 2024.

Revenue from gold and silver sales was $91.7 million in Q3/25, compared to $70.4 million in Q3/24. (9M/25 and 9M/24 – $258.5 and $210.6, respectively). This increase was primarily driven by 44% and 40% higher realized gold and silver prices, offset by a 15% decrease in GEOs sold. The same factors impacted revenue for 9M/25 compared to 9M/24.

Production costs applicable to sales were $50.1 million in Q3/25, compared to $58.0 million in Q3/24. A 25% increase in production costs was primarily driven by inflation outpacing the devaluation of the Argentine peso, impacting local currency expenditures, and increased reliance on contractors to offset workforce availability, and mining higher cost ore as the deposit nears maturity. These impacts were partially offset by a 15% decrease in GEOs sold during the period. Similar trends influenced the year-to-date period.

Cash costs andAISC per GEO sold were $2,196 and $2,771 in Q3/25, respectively, compared to $2,173 and $2,675 in Q3/24. The higher unit costs for Q3/25 and 9M/25 compared to prior year periods reflects increased operating costs and lower ounces sold, which resulted in higher per-unit cost metrics. MSC issued revised guidance during Q3/25 due to sustained inflationary pressures in Argentina. Full-year revised cash cost and AISC per GEO guidance ranges from $2,100 to $2,300 and $2,200 to $2,350, respectively.

Investment in MSC

Our 49% attributable share of operations from our investment in MSC in Q3/25 resulted in an income of $3.5 million, compared to a loss of $1.2 million in Q3/24. Despite higher planned unit costs, the favorable metal price environment enabled the operation to maintain a working capital position of $105.7 million as of September 30, 2025 (December 31, 2024 – $87.0 million).

We received $2.2 million in dividends from MSC during 9M/25 (9M/24 – $0.4 million).