McEwen Inc.

Our cash, cash equivalents and restricted cash balance decreased by $4.0 million during 9M/26, from $55.3 million as at** **December 31, 2025, to $51.3 million as at September 30, 2026.

Cash provided by operating activities of $28.5 million during 9M/26 reflects the net income of $6.3 million for the period and $58.3 million in dividends received from MSC, adjusted for non-cash impacts, including net income from equity method investments of $40.9 million, depreciation, amortization, and depletion of $22.3 million, unrealized loss on marketable securities of $5.0 million, flow-through premium amortization of $2.1 million, loss on consideration payable of $2.4 million, a deferred income and mining tax expense of $7.3 million, and $31.8 million in other and changes in non-cash working capital. Further details are provided in theConsolidated Statements of Cash Flows.

Cash used in investing activities of $49.7 million during 9M/26 primarily consisted of payments made to acquiring mineral property interests, plant and equipment of $57.4 million, net cash inflow of $6.1 million from loan activity, including a $7.5 million advance and a $13.6 million of proceeds from relinquishment, and cash provided by other investing activities of $1.7 million.

Cash provided by financing activities of $17.0 million during 9M/26 consisted of $14.8 million proceeds from issuance of flow through common shares and $3.0 million proceeds from exercise of stock options and warrants, partially offset by a $0.9 million repayment of finance lease obligations.

Working capital as at September 30, 2026, was $25.6 million, a $18.5 million decrease from $44.1 million as at December 31, 2025. The decrease in working capital was primarily driven by a $1.9 million decrease in cash and cash equivalents, a $10.7 million decrease in marketable securities, a $9.0 million increase in current-portion of long term debt, a $3.8 million increase in accounts payable and accrued liabilities, partially offset by a $2.5 million increase in inventories, a $2.8 million increase in receivables and a $1.1 million decrease in tax liabilities.

As of September 30, 2026, our material cash requirements consisted primarily of reclamation, lease, and property holding obligations of approximately $8.1 million over the next twelve months. We expect to fund these cash requirements through a combination of cash and cash equivalents on hand, cash generated from operating activities, and, if necessary, available borrowings under existing financing arrangements. The primary purposes of these expenditures and commitments are to support ongoing operations, fund growth initiatives, satisfy contractual obligations, and meet general working capital requirements.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months and beyond. See Note 10,Debt, Note 11,Reclamation and Remediation Liabilities, and Note 16,Commitments and Contingencies, to theconsolidated financial statements included elsewhere in this report for further details regarding our* *material cash requirements from known contractual and other obligations.