McEwen Inc.

The following table summarizes the operating and financial results for the Fox Complex for the three and nine months ended September 30, 2026, and 2025:

Stock Project

During Q3/26, the Company invested $12.2 million in the Stock project with $35.2 million invested for 9M/26. Development during the quarter included the completion of key ventilation, heating, electrical and other underground infrastructure, while development of the Stock East and West areas, dewatering activities and the transition of personnel from Froome to Stock continued. For 9M/26, investment primarily reflected the continued advancement of underground mine development and supporting infrastructure as the Stock project progresses toward commercial production by mid-2027.

2026 compared to 2025

Fox Complex produced 4,427 GEOs from the Froome Mine in Q3/26, representing a 31% decrease from the 6,386 GEOs produced in Q3/25 (9M/26 and 9M/25: 17,212 GEOs and 17,334 GEOs, respectively). The decrease was primarily attributable to a 5% decrease in processed grades and a 10% decrease in processed tonnage during the quarter, as operations continued the transition from Froome to Stock. During Q3/26, planned development at Froome was substantially completed and personnel and equipment began transitioning to Stock to support ongoing mine development. Production at Froome is expected to continue during the transition period.

Revenue from gold sales was $16.9 million in Q3/26, compared to $20.8 million in Q3/25, with the decrease primarily attributable to a 32% decrease in GEOs sold, partially offset by higher realized gold prices during the quarter. Revenue for 9M/26 was $71.1 million, compared to $53.3 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, partially offsetting the decrease in GEOs sold.

Production costs applicable to saleswere $12.5 million in Q3/26, compared to $13.5 million in Q3/25. The decrease primarily reflected lower mining costs, including lower labour, materials and contractor costs associated with the timing of operating development at Stock, partially offset by higher processing costs associated with increased mill throughput and maintenance activities. For 9M/26, production costs applicable to sales were $41.5 million, an increase of $3.7 million compared to 9M/25, reflecting higher production costs incurred throughout the year as mining and processing activities progressed.

Cash costs and AISC per GEO sold were $2,911 and $3,725 in Q3/26, respectively, compared to $2,132 and $2,352 in Q3/25. The 37% increase in cash costs per GEO sold was primarily attributable to a 32% decrease in GEOs sold during the quarter, resulting in production costs being absorbed over fewer ounces. The increase in AISC per GEO sold was further impacted by higher sustaining capital expenditures, including a $3.3 million increase in sustaining mine development costs at Froome West.