McEwen Inc.

For the period ended Jun 30, 2026. Filed Aug 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 5, 2026

MUX$15.48+4.1%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Fox Complex

The following table summarizes the operating and financial results for the Fox Complex for the three and six months ended June 30, 2026, and 2025:


· · Three months ended June 30, · · Six months ended June 30,
· · 2026 · · 2025 · · 2026 · · 2025
Operating Results · ·
Mined mineralized material (kt)	70	67	`	123	137
Average grade (g/t Au)	3.18	2.61		3.75	2.82
Processed mineralized material (kt)	69	78		133	141
Average grade (g/t Au)	3.31	2.70		3.78	2.83
Gold ounces:
Produced	6,977	5,422		12,739	10,934
Sold, excluding stream	6,290	5,720		11,605	10,450
Sold, stream	756	479		1,100	862
Sold, including stream	7,046	6,199		12,704	11,311
Silver ounces:
Produced	1,439	631		2,750	1,287
Sold	2,574	—		3,143	46
GEOs:
Produced	7,000	5,429		12,785	10,948
Sold, excluding stream	6,332	5,720		11,605	10,450
Sold	7,088	6,199		12,737	11,311
Revenue from gold and silver sales ($000s)	$28,867	$19,177		$54,183	$32,483
Cash costs (1) ($000s)	$13,222	$13,713		$26,221	$24,225
Cash costs per ounce ($/GEO sold) (1)	$1,972	$2,212		$2,152	$2,142
All‑in sustaining costs (1) ($000s)	$18,111	$15,885		$35,231	$28,660
AISC per ounce ($/GEO sold) (1)	$2,701	$2,563		$2,892	$2,534
Gold : Silver ratio	61 : 1	99 : 1		59 : 1	94 : 1

(1)	This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 47.

Stock Project

During Q2/26, the Company invested $12.8 million in the Stock project, with development activities progressed in line with the Company’s 2026 mine development plan (H1/26 – $23.1 million). Activities during the period included upgrades to ventilation and heating systems while prioritizing the access ramp to establish levels to bring Stock into pre-commercial production in Q4/26, with commercial production anticipated by mid-2027.

2026 compared to 2025

Fox Complex produced 7,000 GEOs from the Froome Mine in Q2/26, representing a 29% increase from the 5,429 GEOs produced in Q2/25 (H1/26 and H1/25: 12,785 GEOs and 10,948 GEOs, respectively). The increase was primarily driven by a 23% increase in processed grades during the quarter, partially offset by an 11% decrease in processed tonnage in Q2/26.

Revenue from gold sales was $28.9 million for Q2/26, compared to $19.2 million for Q2/25. This increase of 51% was primarily driven by a 35% increase in the average realized gold price, and a 14% increase in GEOs sold. The same factors impacted revenue for H1/26 compared to H1/25.

Production costs applicable to sales were $14.2 million in Q2/26, compared to $13.7 million in Q2/25, reflecting an modest increase in GEOs sold over the comparative periods, as well as slightly higher contractor costs related to geological drilling and operational activities at the Froome mine. Similar factors contributed to the variance between H1/26 and H1/25 production costs.

Cash costs and AISC per GEO sold were $1,972 and $2,701 for Q2/26, respectively, compared to $2,212 and $2,563 for Q2/25. The 11% decrease in cash costs per GEO sold was primarily driven by the 29% increase in GEO production discussed above, which resulted in operating costs being spread over a larger number of ounces sold. AISC per GEO sold increased year-over-year primarily due to a $1.4 million increase in sustaining mining development costs at Froome West.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.