McEwen Inc.

The Gold Bar Mine produced 5,842 GEOs in Q2 2026 primarily from the Pick III deposit, representing a 31% decrease from the 8,406 GEOs produced in Q2 2025 (H1/26 and H1/25 - 13,726 GEOs and 16,094 GEOs, respectively). This decline was attributable to timing and mine model factors. During Q2, a one-month shutdown in our internal laboratory operations limited our ore mining rate; mining operations focused on waste stripping activities instead. Additionally, complex mining zones with higher carbonaceous material than expected were encountered, which did not reconcile with our mine models. Additional studies are being completed in Q3/26 to better understand these reconciliation differences.

Revenue from gold and silver sales was $26.0 million in Q2/26, a 5% decrease from $27.5 million in Q2/25. The $1.5 million decrease was primarily attributable to a 30% decrease in GEOs sold from lower production in the quarter, offset by a higher average realized price of $4,454 per GEO in Q2/26, compared to $3,292 per GEO in Q2/25. These same factors also drove the change in production costs for H1/26 compared to H1/25.

Production costs applicable to sales were $15.9 million in Q2/26, an increase of $1.9 million from $14.0 million in Q2/25. The increase was primarily attributable to higher fuel expenditures, driven by both increased fuel consumption and a higher

cost per gallon during the quarter. The increase was further impacted by higher assay costs and temporary building and generator rental expenses incurred in connection with the laboratory shutdown. These same factors also contributed to the increase in production costs for H1/26 compared to H1/25.

Cash costs and AISC per GEO sold in Q2/26 were $2,705 and $3,197 respectively, compared to $1,679 and $1,792 in Q2/25, respectively. The increase in cash costs, and the corresponding increase in AISC, was primarily attributable to a 31% decrease in GEOs produced.

Exploration Activities

During Q2/26, exploration activities were focused on the Windfall and Lookout Mountain properties at the Eureka Project. Land management activities are also underway at Windfall and Lookout Mountain, including claim surveys to accurately define property boundaries. In addition, an updated technical report for Windfall and Lookout Mountain was released in early July. The updated report highlights drilling activities, which were primarily focused on upgrading inferred mineralized blocks to the indicated and measured resource categories. At Windfall, exploration work resulted in an indicated resource of 227.5 koz with a grade of 0.75 g/t and an inferred resource of 127.8 koz with a grade of1.53 g/t. At Lookout Mountain, the updated resource estimate includes an indicated resource of 402.3 koz of gold at a grade of 0.64 g/t and an inferred resource of 134.2 koz at a grade of 0.57 g/t.

In addition, the Water Well Zone continues to emerge as a significant discovery area, with gold mineralization encountered beyond the currently defined resource boundaries, highlighting strong potential for future resource expansion. Lookout Mountain also includes several additional exploration targets, including Rocky Canyon, Triple Junction, and South Adit. These areas contain high-grade gold mineralization and warrant further drilling and exploration to evaluate the continuity, extent, and grade of the mineralized zones.