McEwen Inc.

The Minera Santa Cruz Segment consists of a 49% interest in the San José mine, located in Santa Cruz, Argentina. Hochschild is the majority owner and operator of the San José mine.

The following table sets out certain operating results for the San José mine for the three and nine months ended September 30, 2026 and 2025 on a 100% basis:

(1) This is a Non-GAAP financial performance measure. See “Non-GAAP Financial Performance Measures” beginning on page 47.

The analysis below compares the operating and financial results of MSC on a 100% basis.

Q3/26 compared to Q3/25

On a 100% basis, the San José mine produced 24,054 GEOs in Q3/26, compared to 30,583 GEOs in Q3/25. The 21% decrease in Q3/26 primarily reflected an 8% decrease in processed mineralized material and lower recoveries due to operational challenges experienced during the winter season, including difficulties processing high-clay ore.

Revenue from gold and silver sales was $89.4 million in Q3/26, compared to $91.7 million in Q3/25. The 3% decrease was primarily attributable to a 21% decrease in GEOs produced and 14% decrease in GEOs sold, partially offset by higher realized metal prices, with average realized gold and silver prices increasing by 20% and 55%, respectively.

Production costs applicable to saleswere $57.0 million in Q3/26, compared to $50.1 million in Q3/25. The increase primarily reflected inflationary pressures and the relative strength of the Argentine peso against the U.S. dollar, together with higher operating costs associated with challenging winter conditions and lower operating efficiencies during the quarter.

Cash costs and AISC per GEO soldincreased to $2,916 and $3,414 in Q3/26, respectively, from $2,196 and $2,771 in Q3/25. The increase primarily reflected 23% higher production costs driven by Argentine inflation and the relative strength of the peso against the U.S. dollar, as well as a 21% decrease in GEO production reflecting lower throughput and recoveries due to challenging winter conditions, high moisture levels and difficulties processing high-clay ore.

Investment in MSC

Our 49% attributable share of operations from our investment in MSC in Q3/26 resulted in income of $4.5 million, compared to income of $3.5 million in Q3/25. Despite the challenging macroeconomic environment, favorable metal prices continued to support MSC's financial performance and liquidity. As at September 30, 2026, MSC reported working capital of $181.4 million, remaining comparable to $182.8 million as at December 31, 2025.

MSC Dividend Distribution (49%)

We received $58.3 million in dividends from MSC in 9M/26, compared to $2.2 million in 9M/25.