McEwen Inc.

*Revenue from gold and silver sales:*During Q1/25, revenue from our 100%-owned operations decreased by 13% to $35.7 million, from $41.2 million in Q1/24. This was primarily driven by a 34% decrease in GEOs sold and offset by a 31% increase in realized gold prices, from $2,131 per GEO in Q1/24 to $2,803 per GEO in Q1/25.

Production costs applicable to sales: During Q1/25, production costs applicable to sales decreased by 22% to $19.6 million, from $25.1 million in Q1/24. This reduction was primarily driven by the lower number of GEOs produced and sold.

Advanced project costswere $1.7 million in Q1/25, a decrease of $0.8 million compared to Q1/24. These costs are related to our Fenix Project which remains on care and maintenance*.*

Exploration costs were $3.7 million in Q1/25, a decrease of $0.2 million compared to Q1/24. Exploration expenditures totaled $2.3 million for drilling targeting the Gibson zone of the Grey Fox project. At Gold Bar, $1.4 million was spent on drill target planning and site preparation.

Loss from investment in McEwen Copper:During Q1/25, we recorded a loss of $8.6 million from our investments in McEwen Copper, compared to $18.0 million during Q1/24. This loss represents our proportion of McEwen Copper’s net loss, which is driven primarily by exploration expenditures. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.

Income from investment in MSC: During Q1/25, we recorded an income of $0.5 million from our investment in MSC, compared to $1.3 million during Q1/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to theConsolidated Financial Statements.

*Interest and other finance expense, net:*Interest and other finance expenses totaled $1.3 million in Q1/25, an increase of $0.4 million compared to $0.9 million in Q1/24. The increase was primarily driven by accrued interest on the Convertible Senior Notes issued in February 2025.

Other income: Other income of $1.6 million in Q1/25 increased from an expense of $0.1 million in Q1/24 mostly due to a $1.7 million gain on our investment in marketable securities.

Income and mining tax recovery: For Q1/25, the Company recorded an income tax recovery of $1.1 million, compared to $2.6 million for Q1/24, primarily due to amortization of the flow-through share premium.