McEwen Inc.

During Q4 2024, $1.0 million was incurred, primarily for exploration diamond drilling at our Grey Fox property. This included 15,100 feet (4,600 meters) of drilling, focused mainly on the Gibson and Whiskey Jack zones. Line cutting has been completed in preparation for the upcoming geophysical survey at Grey Fox, which is scheduled to begin in early Q1/25. The survey aims to identify mineralization similar to our Black Fox deposit, both adjacent to and beneath the Grey Fox deposit.

2025 Production and Cost Outlook

We expect to continue the development of underground ramp access from the portal to the Stock orebodies during 2025, which will become the primary source of feed in 2026 following the completion of mining the Froome and Black Fox deposits. The capital expenditures for the portal and ramp development are fully funded by the $60.0 million allocated from the convertible notes financing secured in February 2025 and $11.3 million (C$16.4 million) flow-through financing completed in June 2024. For full year 2025, we expect to produce between 30,000 to 35,000 GEOs at a cash cost per GEO sold between $1,600 and $1,800 per ounce and an AISC per GEO sold between $1,700 and $1,900 per ounce