McEwen Inc.

*Revenue from gold and silver sales:*During Q1/26, revenue from our 100% owned operations increased by 107% to $74.0 million, from $35.7 million in Q1/25. This was primarily driven by a 21% increase in GEOs sold and a 71% increase in realized gold prices, from $2,803 per GEO in Q1/25 to $4,792 per GEO in Q1/26.

*Production costs applicable to sales:*During Q1/26, production costs applicable to sales increased by 82% to $35.6 million from $19.6 million in Q1/25. The increase was primarily driven by $10.3 million in higher operating costs at the Gold Bar Mine Complex due to costs associated with stripping activities at Pick III, which were previously capitalized in Q1/25 prior to reaching commercial production levels. At the Fox Complex, the increase in operating costs was primarily driven by an 11% increase in GEOs sold during the period along with higher waste tonnes mined as Froome reaches the end of its mine life.

Advanced project costswere $4.8 million in Q1/26, a $3.1 million increase compared to Q1/25. This increase was primarily attributable to the commencement of our Grey Fox project.

Exploration costs were $5.5 million in Q1/26, compared to $3.7 million in Q1/25. At the Fox Complex, $1.4 million was spent primarily on diamond drilling at the Gibson area of the Grey Fox project. At the Tartan Mine Project, $1.0 million was spent on drilling aimed to expand the Main Zone and for the preparation of a technical report summary. At the Gold Bar Mine Complex, $3.1 million was spent on infill drill programs for operational areas, as well as exploration drilling at the Windfall and Lookout Mountain projects.

Income from equity method investments:During Q1/26, we recorded an income of $30.3 million from its equity method investments, compared to a loss of $8.1 million in Q1/25. This amount represents the Company’s proportionate share of the results of MSC, McEwen Copper, and Paragon. Details of operating results of the Company’s equity method investees are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.

*General and administrative expenses:*During Q1/26, we incurred $9.5 million in general and administrative expenses compared to $3.4 million in Q1/25. The increase was primarily attributable to a $4.0 million increase in fees paid for professional services, as well as $0.9 million higher acquisition and financing costs.

*Interest and other finance expenses, net:*Interest and other finance expenses totaled $1.5 million in Q1/26, a $0.2 million increase from $1.3 million in Q1/25. These changes reflect the increase in monthly interest payments on the Company’s higher outstanding debt.

Other income (expense): During Q1/26, we incurred $6.3 million in other expenses, compared to an income of $1.6 million in Q1/25. The $7.9 million decrease was primarily driven by unrealized losses on marketable securities.

Income and mining tax recovery: During Q1/26, the Company recorded an income tax recovery of $0.2 million, compared to a recovery of $1.1 million in Q1/25. The current period recovery primarily reflects flow-through share premium amortization of $0.8 million, partially offset by $0.5 million of deferred income and mining tax expense.