McEwen Inc.

Los Azules, San Juan, Argentina

As of September 30, 2026, we owned a 46.3% interest in McEwen Copper Inc. (“McEwen Copper”), which owns the Los Azules copper project in San Juan, Argentina and the Elder Creek exploration project in Nevada, USA. As of September 30, 2026 our investment in McEwen Copper was $262.1 million.

During the fourth quarter of 2025, McEwen Copper completed the Los Azules Feasibility Study and announced the project’s first mineral reserve estimate. Proven and Probable Mineral Reserves contain 10.2 billion pounds of copper, based on a copper price assumption of $4.25 per pound, supporting a 21-year mine life (22-year production life) and positioning Los Azules among the largest copper development projects in the Americas.

Following completion of the Feasibility Study, McEwen Copper continued a work program designed to advance Los Azules toward a Final Investment Decision (“FID”) and a potential full project development release. The program includes ongoing engineering, infrastructure planning and development, execution planning, site investigations, stakeholder engagement and financing activities.

Quarterly Progress

As of September 30, 2026, approximately 78% of planned design and development deliverables for the FID work program had been completed, compared with approximately 27% at June 30, 2026. Engineering for FID continues to progress as planned; the change in the expected completion of the FID work program described below reflects site access conditions and the project financing timeline.

McEwen Copper previously expected to complete the FID work program in Q4/26 and now expects completion in H1/27, reflecting delays to site activities from the heavy snow season and alignment with the project financing process, for which Société Générale is acting as sole financial advisor. A final investment decision and completion of project financing remain targeted for H1/27, subject to completion of the FID work program, securing project financing and customary approvals. Construction is expected to commence following a final investment decision, with commercial copper cathode production targeted for 2030. In the interim, McEwen Copper continues to advance engineering and early works, including the access road and camp, funded by its term loan.

Key project advancement activities during the period included:

Technical and Field Work

The project experienced one of the heaviest snow seasons in more than two decades, affecting the site and much of the current access road. Reopening of the roads and camps is expected to delay site activities by up to four months compared with a normal season that would typically start in November. Snowmelt and rain in the fourth quarter of 2026 may cause further disruption.

The 2025-2026 field campaign was completed in H1/26, comprising 5,643 meters of geotechnical, condemnation and hydrogeological drilling. Geotechnical results supported further optimization of the open pit design, while condemnation drilling confirmed the planned location of the North-East rock storage facility. Planning was completed for more than 8,000 meters of drilling and field work for the 2026-2027 campaign, which is now expected to commence in Q1/27. The program will focus on additional condemnation, infill and geotechnical drilling to support resource conversion, project infrastructure planning and detailed engineering.

Growth Potential and District Exploration

Mineralization at Los Azules remains open in several areas around the pit and at depth beyond the current mine design. Geotechnical holes drilled to support the mine design were also sampled and assayed. Those assays will be included in a future resource update.

These results highlight the potential to expand the current pit and add resources adjacent to the existing deposit. Any expansion would require additional drilling and study; the completed Feasibility Study remains the basis for the project’s development. Drill intercepts have been reported as-drilled lengths; true widths have not been determined. Additional exploration work is planned to continue to investigate and develop additional targets within or adjacent to the Los Azules property.

While not included in the Feasibility Study base case, the application of Nuton® leaching technology, or construction of a conventional concentrator, could potentially be used to process the project’s primary sulfide mineralization and extend the mine life. The technical report summary includes only a preliminary economic evaluation of the concentrator alternative, which includes Inferred Mineral Resources, and describes Nuton® technology as an opportunity. There is no certainty that either alternative will be economically viable. Metallurgical testing and mine planning have started in anticipation of a pre-feasibility study expected to begin in 2027 for the expansion case beyond the Feasibility Study. Combined with potential future exploration success, these opportunities could extend the operating life of Los Azules; however, there can be no assurance that this potential will be realized.

Stakeholder Engagement and Financing

McEwen Copper continued engagement with local communities, government stakeholders, suppliers, and industry participants in connection with project readiness and its social licence to operate. Activities included community education initiatives, regional supplier engagement, and participation in mining sector forums.

Financing activities continued during the period, with Société Générale appointed as the exclusive financial advisor for the project’s debt financing process and preparations initiated for a potential initial public offering.

RIGI Approval and Outlook

On September 26, 2025, McEwen Copper received approval under Argentina’s Regime of Incentive for Large Investments (“RIGI”), which provides Los Azules with certain fiscal and regulatory benefits, including reduced corporate income tax, construction-phase VAT relief, elimination of export duties, foreign exchange relief, 30-year fiscal stability, and access to international arbitration. McEwen Copper is in compliance with all RIGI requirements.

Management is focused on completing the FID work program, evaluating financing alternatives, and advancing Los Azules as a large-scale, long-life copper development project in Argentina, while unlocking the district-scale exploration potential of its surrounding land package.

Liquidity Update

As at September 30, 2026, McEwen Copper had $157.8 million in cash and cash equivalents and a working capital of $138.9 million.

In February 2026, MCI entered into a $59.6 million loan facility with various lenders, bearing interest at 12% per annum and maturing in February 2030. In connection with the financing, lenders received warrants to acquire MCI common shares. The facility was subsequently amended in April and August 2026 to include additional lenders and the total commitments increased to $240.0 million. The additional borrowings under the April and August amendments mature in April 2030 and August 2030, respectively. In connection with the loan facility, the Company issued one warrant for each $1,000 advanced. Each warrant entitles the holder to purchase 15 common shares at an exercise price of $40.00 per share, for a period of five years from the date of issuance. The warrants are separate from the loan and remain outstanding regardless of repayment of the loan. As of September 30, 2026, a total of 3.6 million warrants had been issued and outstanding in connection with the facility.