McEwen Inc.

In June 2026, a PFS for the Grey Fox Project was released which demonstrates the potential to extend the Fox Complex mine life by approximately 15 years to 2041. The study indicates Grey Fox contributing average annual production of approximately 43,000 gold ounces from 2028 to 2035 and becoming the sole source of production from 2035 to 2040, averaging approximately 87,000 gold ounces per year. Initial capital expenditures are estimated at $181 million and are expected to be primarily funded through existing treasury balances and operating cash flow, with expenditures phased between 2026 and 2029. The assessment also indicates additional mine life extension potential, as current mine reserves represent approximately 40% of the existing resource base and significant exploration upside remains.

During Q3/26, the Company incurred $2.7 million in exploration expenditures as drilling activities continued across the Fox Complex. Four drill rigs were active during Q3/26, with Major Drilling and Black Diamond Drilling advancing the various exploration programs. Further, during Q3/26, 25,886 feet (7,884 meters) had been drilled, with exploration activities continuing through the remainder of the year. The exploration programs remain focused on advancing high-priority drilling targets at Grey Fox including at the Gibson and Whiskey Jack zones.