McEwen Inc.

The Gold Bar Mine produced 6,215 GEOs in Q3/26, primarily from the Pick III deposit, representing a 24% decrease from the 8,191 GEOs produced in Q3/25 (9M/26 and 9M/25 – 19,941 GEOs and 24,285 GEOs, respectively). The decrease in Q3/26 production primarily reflected lower recoveries due to higher carbonaceous material, despite an 8% increase in tonnes stacked as compared to Q3/25. For 9M/26, the decrease in production compared to 9M/25 also reflected operational challenges experienced during Q2/26, including a one-month shutdown of the internal laboratory, which constrained ore mining rates and resulted in a greater focus on waste stripping activities. Production was also impacted by complex mining zones containing higher carbonaceous material that did not reconcile with the mine model.

Revenue from gold and silver sales was $25.0 million in Q3/26, a 15% decrease from $29.4 million in Q3/25, primarily due to a 30% decrease in GEOs sold as a result of a 24% lower production during the quarter. Revenue for 9M/26 was $88.7 million, compared to $79.3 million for 9M/25, with the increase primarily attributable to a higher average realized price of $4,514 per GEO, compared to $3,218 per GEO in 9M/25.

Production costs applicable to saleswere $19.4 million in Q3/26, a decrease of $2.3 million from $21.7 million in Q3/25. The decrease was primarily attributable to lower contractor costs due to shorter haul distances and lower processing costs resulting from fewer tonnes processed during the quarter, partially offset by higher fuel consumption and related costs, increased ore control drilling costs, and an unfavorable inventory movement resulting from the timing of finished goods sales. For 9M/26, production costs applicable to sales were $54.6 million, an increase of $9.8 million compared to $44.8 million in 9M/25. In addition to the factors impacting Q3/26, the year-to-date increase reflected higher assay costs and temporary building and generator rental expenses incurred in connection with the laboratory shutdown during the prior quarter.

Cash costs and AISCper GEO sold in Q3/26 were $3,248 and $3,520 respectively, compared to $2,540 and $2,852 in Q3/25, respectively. The increase in cash costs, and the corresponding increase in AISC, was primarily attributable to a 24% decrease in GEOs produced and fewer GEOs sold, resulting in costs being allocated over fewer ounces, partially offset by a favorable build in heap leach inventory.

Exploration Activities

During Q3 2026, exploration activities at the Eureka Project focused on the Windfall and Lookout Mountain deposits in Nevada, including ongoing land management and claim survey programs to further define property boundaries. In July 2026, the Company filed an updated reserve and resource estimate for both deposits, effective May 4, 2026. The estimate reported indicated mineral resources of 629,800 oz of gold and inferred mineral resources of 262,000 oz of gold. At Lookout Mountain, indicated resources totaled 402,300 oz of gold (19.6 million tonnes grading 0.64 g/t Au) and inferred resources totaled 134,200 oz of gold (7.29 million tonnes grading 0.57 g/t Au). At Windfall, indicated resources totaled 227,500 oz of gold (9.4 million tonnes grading 0.75 g/t Au) and inferred resources totaled 127,800 oz of gold (2.6 million tonnes grading 1.53 g/t Au). Approximately 89% of Lookout Mountain's contained gold ounces and 100% of Windfall's contained gold ounces occur within oxide mineralization, which is considered potentially amenable to heap-leach processing.

Exploration drilling continued to support the potential for resource growth across the Eureka Project. During the quarter, two rigs advanced the Pick infill program, and drilling returned to Eureka in late September to continue resource conversion and expansion drilling. Exploration activities are expected to increasingly focus on targets outside of known resources within the Eureka Project area to evaluate opportunities for additional resource growth. Updated seismic results were also received for Twin Peaks at north Tonkin.