McEwen Inc.

Our cash, cash equivalents and restricted cash balance increased by $25.3 million during H1/26, from $53.5 million as at** **December 31, 2025, to $78.9 million as at June 30, 2026.

Cash provided by operating activities of $58.3 million during H1/26 reflects the net income of $43.0 million for the period and $58.3 million in dividends received from MSC, adjusted for non-cash impacts, including net loss from equity method investments of $41.6 million, depreciation, amortization, and depletion of $15.3 million, unrealized loss on marketable securities of $5.9 million, flow-through premium amortization of $1.8 million, a mining tax recovery of $1.3 million, and $23.9 million in changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.

Cash used in investing activities of $45.7 million during H1/26 primarily consisted of cash additions to mineral property interests, plant and equipment of $39.8 million and a loan provided to McEwen Copper of $7.5 million, and cash provided by other investing activities of $1.7 million.

Cash provided by financing activities of $14.5 million during H1/26 consisted of $14.8 million proceeds from issuance of flow through common shares and $0.2 million proceeds from exercise of stock options and warrants, partially offset by a $0.6 million repayment of finance lease obligations.

Working capital as at June 30, 2026, was $66.0 million, a $21.9 million increase from $44.1 million as at December 31, 2025. The increase in working capital was primarily driven by a $27.9 million increase in cash and cash equivalents, a $3.9 million increase in inventories, a $0.1 million decrease in dues from McEwen Copper, a $8.3 million decrease in marketable securities, a $3.6 million decrease in accounts payabale and accrued liabilities, a $2.5 million decrease in tax liabilities, offset by a $6.0 million increase in current-portion of long term debt, and a $0.7 million decrease in flow through share premium.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months and beyond. See Note 10,Debt, Note 11,Reclamation and Remediation Liabilities, and Note 16,Commitments and Contingencies, to theconsolidated financial statements included elsewhere in this report for further details regarding our* *material cash requirements from known contractual and other obligations.