McEwen Inc.

*Revenue from gold and silver sales:*During 9M/26, revenue from our 100%-owned operations increased by 33% to $176.9 million, from $132.9 million in 9M/25, primarily reflecting a higher average realized price of $4,514 per GEO compared to $3,218 per GEO in 9M/25. During Q3/26, revenue decreased by 14% to $43.6 million, from $50.5 million in Q3/25, as a 29% decrease in GEOs sold more than offset the 19% increase in the average realized price to $4,151 per GEO from $3,477 per GEO.

*Production costs applicable to sales:*For 9M/26, production costs applicable to sales increased to $99.6 million from $82.6 million in 9M/25, reflecting higher costs at Gold Bar and Fox. At Gold Bar, the increase reflected higher fuel and assay costs, including temporary building and generator rental costs associated with the laboratory shutdown earlier in the year, while higher costs at Fox reflected increased mining and processing activities as operations progressed through the transition from Froome to Stock. For Q3/26, production costs decreased to $32.8 million from $35.2 million in Q3/25, primarily due to lower labour, materials and contractor costs at Fox associated with the timing of operating development at Stock.

Advanced project costs were $5.3 million in Q3/26, a $3.7 million increase compared to $1.7 million in Q3/25. For 9M/26, advanced project costs were $13.5 million as compared to $4.2 million in 9M/25. This increase was primarily attributable to study costs associated with the Grey Fox project and a $2.2 million increase in costs incurred at El Gallo related to additional crushing activities and metallurgical testing undertaken to optimize cyanide destruction.

*Exploration costs were $28.0 million in 9M/26, compared to $15.9 million in 9M/25.*For Q3/26, exploration costs were $11.2 million, compared to $6.8 million in Q3/25. The increases primarily reflected expanded drilling and exploration activities across the Company’s development assets. At the Fox Complex, $2.7 million was incurred as drilling continued at Grey Fox, including the Gibson and Whiskey Jack zones, supporting resource growth and the potential extension of mine life. At the Gold Bar Mine Complex, exploration activities focused on the Eureka Project, including Windfall and Lookout Mountain, with drilling directed toward resource conversion, expansion and opportunities for additional resource growth.

Income from equity method investments: During 9M/26, we recorded an income of $40.9 million from our equity method investments compared to a loss of $12.3 million in 9M/25. During 9M/26, we reported an income of $54.6 million from Minera Santa Cruz S.A., a loss of $12.1 million from McEwen Copper and a $1.6 million loss from Paragon. In Q3/26, we recorded a loss of $0.7 million from our equity method investments, compared to a loss of $0.8 million in Q3/25. This amount represents the Company’s proportionate share of the results of MSC, McEwen Copper, and Paragon. Details of operating results of the Company’s equity method investees are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements.

General and administrative expenses:General and administrative costs of $24.6 million for 9M/26 increased by $10.1 million compared to 9M/25. In Q3/26, we incurred $7.2 million in general and administrative expenses compared to $6.1 million in Q3/25. The increase was primarily attributable to a $2.0 million increase for Q3/26 and an $8.6 million increase for 9M/26 related to fees paid for professional services.

*Interest and other finance expenses, net:*Interest and other finance expenses totaled $2.6 million for 9M/26, a $2.1 million decrease compared with $4.7 million for 9M/25. The decrease was primarily attributable to $2.4 million of interest income earned on short-term investments and $0.9 million of interest income earned on a loan receivable from a related party, partially offset by $1.3 million of interest expense associated with the Company’s convertible notes.

*Other income (expense):*Other expense of $9.7 million for 9M/26 decreased from an income of $16.9 million for 9M/25. The changes in other income for 9M/26, were primarily driven by an unrealized loss in marketable securities of $5.1 million, a $19.6 million decrease from an unrealized gain of $14.5 million in 9M/25. Other factors include a $4.8 million increase in foreign currency loss and a $1.1 million increase in loss from the fair value revaluation on the contingent shares owed to a related party in connection with the Canadian Gold Corp. acquisition.

Income and mining tax recovery: Income and mining tax expense was $9.0 million for the nine months ended September 30, 2026, compared with a recovery of $3.5 million in the prior-year period. The increase in tax expense was primarily attributable to $3.0 million of dividend withholding tax in Argentina, a $5.4 million deferred tax expense related to the reversal of a previously recognized deferred tax asset, and a $4.0 million net deferred tax expense primarily related to the recognition of an outside basis difference on the Company’s investment in Minera Santa Cruz. These amounts were partially offset by $3.4 million of tax recoveries, primarily related to the amortization of the flow-through share premium and deferred tax recoveries at Canadian Gold Corp., as well as other current and deferred tax amounts recognized across the Company’s operating jurisdictions.