McEwen Inc.

Los Azules, San Juan, Argentina

As of June 30, 2026, we owned a 46.3% interest in McEwen Copper Inc. (“McEwen Copper”), which owns the Los Azules copper project in San Juan, Argentina and the Elder Creek exploration project in Nevada, USA. Cumulative investment in Los Azules exceeds $550 million.

During the fourth quarter of 2025, McEwen Copper completed the Los Azules Feasibility Study and announced the project’s first mineral reserve estimate. Proven and Probable Mineral Reserves contain 10.2 billion pounds of copper, based on a copper price assumption of $4.25 per pound, supporting a 21-year mine life (22-year production life) and positioning Los Azules among the largest copper development projects in the Americas.

Following completion of the Feasibility Study, McEwen Copper continued a work program designed to advance Los Azules toward a Final Investment Decision (“FID”) and a potential full project development release. The program includes ongoing engineering, infrastructure planning and development, execution planning, site investigations, stakeholder engagement and financing activities.

Quarterly Progress

As of June 30, 2026, approximately 27% of planned design and development deliverables for the FID work program had been completed. The current work program is expected to be finalized in the fourth quarter of 2026. RIGI approval already provides certain fiscal and regulatory benefits while management continues to evaluate development plans and financing alternatives.

Key period project advancement activities included:

Technical and Field Work

During the first half of 2026, McEwen Copper completed its planned field investigation campaign, drilling 5,643 meters across 22 holes (15 geotechnical, 2 condemnation, and 5 hydrogeological). The program provided data for open pit design refinements, rock storage facility planning, and continued evaluation of additional on-site water sources. The drilling also delivered exploration value at no incremental cost. Geotechnical holes drilled within the modelled resource intersected copper grades consistent with resource model predictions, with no systematic bias. The two condemnation holes had the opposite objective: drilled at the proposed rock storage facility sites, their purpose was to confirm — as the Company’s extensive modelling anticipated — the absence of economically significant mineralization beneath the areas planned for future infrastructure, and both confirmed low mineral potential. The campaign therefore validated the geological and

resource models in both directions: the models correctly predicted where mineralization occurs and where it does not, increasing confidence in the Feasibility Study and supporting the final siting of project infrastructure.

Growth Potential and District Exploration

The 2025–2026 field campaign also reinforced the growth potential of Los Azules beyond the current mine plan. Mineralization remains open in several areas:

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These results highlight the potential to expand the current pit and add resources adjacent to the existing deposit, extending what is already a long-life asset. Any expansion would require additional drilling and study; the completed Feasibility Study remains the basis for the project’s development. While not included in the Feasibility Study base case, the application of Nuton® leaching technology — or construction of a conventional concentrator — could economically treat the project’s primary sulfides and extend the mine life by more than 30 years. Combined with potential future exploration success, for which the campaign has provided positive initial indications, these opportunities could make Los Azules a multigenerational mining operation.

Stakeholder Engagement and Financing

McEwen Copper continued engagement with local communities, government stakeholders, suppliers, and industry participants in connection with project readiness and its social licence to operate. Activities included community education initiatives, regional supplier engagement, and participation in mining sector forums.

Financing activities continued during the period. Société Générale was appointed as exclusive financial advisor for the project’s debt financing process, preparations were initiated for a potential initial public offering and McEwen Copper received an enhanced financing proposal from Finnvera, Finland’s export credit agency.

RIGI Approval and Outlook

On September 26, 2025, McEwen Copper received approval under Argentina’s Regime of Incentive for Large Investments (“RIGI”), which provides Los Azules with certain fiscal and regulatory benefits, including reduced corporate income tax, construction-phase VAT relief, elimination of export duties, foreign exchange relief, 30-year fiscal stability, and access to international arbitration. McEwen Copper is in compliance with all RIGI requirements.

Management is focused on completing the FID work program, evaluating financing alternatives, and advancing Los Azules as a large-scale, long-life copper development project in Argentina, while unlocking the district-scale exploration potential of its surrounding land package.

Liquidity update

As at June 30, 2026, McEwen Copper had $45.0M in cash and cash equivalents and $91.9M in term debt.