McEwen Inc.

The Gold Bar Mine produced 7,884 GEOs in Q1/26, representing a 3% increase from 7,688 GEOs produced in Q1/25 driven by higher mined and stacked tonnes. Operational activities in Q1/26 focused on continued mining at the Pick III deposit, supported by definition drilling ahead of mining to optimize mine planning and confirm the updated mine model.

Revenue from gold and silver sales was $37.7 million in Q1/26, an increase from $22.4 million in Q1/25. The $15.3 million increase was primarily attributable to a higher average realized price of $4,792 per GEO in Q1/26, compared to $2,803 per GEO in Q1/25.

Production costs applicable to saleswere $19.4 million in Q1/26, an increase of $10.3 million from $9.1 million in Q1/25. This increase was primarily driven by costs associated with stripping activities at Pick III, which were previously capitalized in Q1/25 prior to reaching commercial production levels.

Cash costs and AISC per GEO sold in Q1/26 were $2,460 and $2,705 respectively, compared to $1,146 and $2,197 in Q1/25, respectively. The increase in cash costs, and a corresponding increase in AISC, was primarily driven by higher mining costs at the Pick III deposit relative to Gold Bar South, which was mined in Q1/25.

Exploration Activities

During Q1/26, exploration activities were focused on Windfall and Lookout Mountain. The primary exploration activity consisted of drilling at Windfall which commenced in Q1/26 with a core drill for metallurgical sampling. The results will be used to help generate targets for 2026 exploration. Land Management activities are being performed to survey claims at Windfall and Lookout Mountain to define claim boundaries. In addition, an updated technical report incorporating the results of recent land management activities and updated geological and operational information is expected to be released in H2/26.