McEwen Inc.

The Minera Santa Cruz Segment consists of a 49% interest in the San José mine, located in Santa Cruz, Argentina. Hochschild is the majority owner and operator of the San José mine.

The following table sets out certain operating results for the San José mine for the three and six months ended June 30, 2026 and 2025 on a 100% basis:

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

The analysis below compares the operating and financial results of MSC on a 100% basis.

Q2/26 compared to Q2/25

On a 100% basis, the San José mine produced 34,734 GEOs in Q2/26, compared to 27,997 GEOs in Q2/25. The slight increase in Q2/26 was primarily due to a 3% increase in processed mineralized material and a 17% increase in mined mineralization material.

Revenue from gold and silver sales was $133.4 million in Q2/26, compared to $94.9 million in Q2/25. This increase was primarily driven by 65% and 100% higher realized gold and silver prices, respectively, and a 14% increase in GEOs sold.

Production costs applicable to sales were $77.3 million in Q2/26, compared to $63.6 million in Q2/25. Cost increases during Q2/26 were largely attributable to high inflation in the Argentine market, which outpaced the government-controlled depreciation of the peso against the U.S. dollar. This resulted in higher real costs for expenses denominated in local currency.

Cash costs andAISC per GEO sold were $2,466 and $2,913 in Q2/26, respectively, compared to $2,310 and $2,842 in Q2/25. The slight increase in both cash costs and AISC in Q2/26 was primarily due to a 22% increase in production costs, offset by a 14% increase in GEOs sold, as noted above.

Investment in MSC

Our 49% attributable share of operations from our investment in MSC in Q2/26 resulted in income of $17.5 million, compared to income of $3.6 million in Q2/25. Despite the challenging macroeconomic environment, favorable metal prices continued to support MSC's financial performance and liquidity. As at June 30, 2026, MSC reported working capital of $168.4 million, compared to $182.8 million as at December 31, 2025. The decrease was largely driven by dividend distributions, including $49.4 million paid to the Company during Q2/26.

MSC Dividend Distribution (49%)

We received $49.4 million in dividends from MSC in Q2/26 and $58.2 million in H1/26, compared to $nil in Q2/25 and $2.2 million in H1/25.