McEwen Inc.

Our cash, cash equivalents and restricted cash balance increased by $55.0 million during 2025, from $17.5 million as at December 31, 2024 to $72.5 million as at March 31, 2025.

Cash used in operating activities of $1.9 million during Q1/25 reflects the net loss of $6.3 million for the period, adjusted for non-cash impacts, including net losses from equity method investments of $8.1 million, depreciation, amortization, and depletion of $6.2 million, unrealized gains on marketable securities of $1.8 million, reclamation accretion and adjustments to estimate of $0.8 million, income and mining tax recovery of $2.9 million, stock-based compensation of $0.2 million, and $6.4 million in changes in non-cash working capital. Further details are provided in the* Consolidated Statements of Cash Flows.*

Cash used in investing activities of $13.6 million during Q1/25 consisted of additions to mineral property interests, plant and equipment of $14.5 million, driven primarily by capital development at the Fox Complex and capitalized pre-stripping at the Gold Bar mine, and investments in marketable securities of $1.4 million. This was offset by $2.2 million of dividends received from MSC.

Cash provided by financing activities of $70.5 million during Q1/25 consisted of $110.0 million in proceeds from the issuance of Senior Convertible Notes, offset by financing costs of $4.2 million, principal repayments on our term loan facility of $20.0 million, $15.1 million purchase of capped call options, and the repayment of finance lease obligations for $0.2 million.

Working capital as at March 31, 2025 was $61.1 million, a $67.6 million increase from negative $6.5 million as at December 31, 2024. The increase in working capital was driven by an increase in cash and cash equivalents of $54.8 million driven by the issuance of Senior Convertible Notes, as well as a $9.1 million increase in marketable securities, a $2.6 million increase in inventories, a $1.4 million decrease in accounts payable and accrued liabilities, and a $1.5 million decrease in flow-through share premium, partially offset by a $1.1 million increase in tax liabilities.

The Company believes that it has sufficient liquidity along with funds generated from ongoing operations to fund anticipated cash requirements for operations, capital expenditures and working capital purposes for the next 12 months.