McEwen Inc.

*Revenue from gold and silver sales:*During H1/26, revenue from our 100%-owned operations increased by 62% to $133.3 million, from $82.4 million in H1/25. During Q2/26, revenue from our 100% owned operations increased by 27% to $59.2 million, from $46.7 million in Q2/25. These improvements were primarily driven by higher realized gold prices, which increased to $4,749 per GEO in 2026 compared to $3,062 per GEO in 2025, and $4,454 per GEO in Q2/26, compared to $3,298 in Q2/25.

*Production costs applicable to sales:*For H1/26, production costs applicable to sales increased to $66.8 million as compared to $47.4 million for H1/25. For Q2/26 production costs were $31.1 million compared to $27.7 million for Q2/25. At the Gold Bar Mine Complex, these increases were primarily driven by higher fuel costs and fuel consumption, as well as alternative assay costs and temporary building and generator rental costs incurred as a result of the laboratory shutdown during Q2/26, while costs at the Fox Complex remained stable over the comparative periods.

Advanced project costs were $3.4 million in Q2/26, a $2.5 million increase compared to Q2/25. For H1/26, advanced project costs were $8.1 million as compared to $2.6 million in H1/25.This increase was primarily attributable to study costs associated with the Grey Fox project and a $2.3 million increase in costs incurred at El Gallo related to additional crushing activities and metallurgical testing undertaken to optimize cyanide destruction.

Exploration costswere $16.9 million in H1/26, compared to $9.1 million in H1/25. For Q2/26, exploration costs were $11.4 million, compared to $5.4 million in Q2/25. The year-over-year increase was primarily driven by expanded drilling and technical study activities across the Company's development assets. At the Fox Complex, exploration expenditures of $2.6 million were primarily related to Canadian Exploration Expenses ("CEE") at the Grey Fox deposit, supporting resource growth initiatives. At the Tartan Mine Project, $2.3 million was incurred for drilling programs and metallurgical testing aimed at optimizing process plant design and underground mine plans. At the Gold Bar Mine Complex, $6.5 million was spent on the Windfall, Lookout Mountain, and Trinity Ridge projects. No exploration expenditures were incurred at the Jewel Ridge Project during Q2/26.

Income from equity method investments: During H1/26, we recorded an income of $41.6 million from our equity method investments compared to a loss of $11.5 million in H1/25. In Q2/26, we recorded an income of $11.2 million from our equity method investments, compared to a loss of $3.4 million in Q2/25. 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 the Consolidated Financial Statements..

General and administrative expenses: General and administrative costs of $17.4 million for H1/26 increased by $9.0 million compared to full year 2025. In Q2/26, we incurred $7.9 million in general and administrative expenses compared to $5.0 million in Q2/25. The increase was primarily attributable to a $2.6 million increase in fees paid for professional services.

*Interest and other finance expenses, net:*Interest and other finance expense totaled $2.0 million for H1/26, a $1.0 million decrease compared to an expense of $3.0 million for H1/25. For Q2/26, interest and other finance expense totaled $0.5 million compared to $1.7 million in Q2/25. The year-over-year change was comparable, as interest expense levels remained consistent and were largely offset by interest income earned on short-term deposits and loans receivable in 2026. Refer to Note 14 to the Consolidated Financial Statements.

Other income (expense): Other expense of $7.9 million for H1/26 decreased from an income of $8.6 million for H1/25. For Q2/26, other expense was $1.4 million compared to an income of $7.1 million in Q2/25. The changes in other income were primarily driven by fair value revaluation on the contingent shares owed to a related party in connection with the Canadian Gold Corp. acquisition and a loss on marketable securities of $8.3 million in H1/26, compared to a $6.5 million gain on marketable securities in H1/25.

Income and mining tax recovery: Income and mining tax recovery for H1/26 was $4.0 million, compared to a recovery of $2.2 million in H1/25. The increase in tax recovery was primarily attributable to the amortization of flow-through share

premium liabilities of $1.8 million, a $1.0 million discrete tax recovery related to the true-up of prior-year tax provisions, and a $1.0 million deferred tax recovery arising from post-acquisition adjustments to deferred tax liabilities recorded in connection with the Canadian Gold Corp. acquisition. These items were partially offset by current and deferred tax expense recognized across the Company's operating jurisdictions.