McEwen Inc.

The Minera Santa Cruz Segment is comprised 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 months ended March 31, 2025, and 2024 on a 100% basis:

(1) As used here and elsewhere in this report, this is a Non-GAAP financial performance measure. Cash costs for the Company’s 100% owned operations equal Production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 34 for additional information.

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

On a 100% basis, the San José mine produced 22,294 GEOs in Q1/25, compared to 26,396 GEOs in Q1/24. The decrease in GEOs produced during the period was primarily due to an 8% and 22% reduction in gold and silver head grades processed, respectively, and a 7% decline in gold and silver recovery rates. These impacts were partially offset by a 22% increase in tonnes processed.

Revenue from gold and silver sales was $71.9 million in Q1/25, compared to $65.9 million in Q1/24. This increase was primarily driven by 48% and 46% higher realized gold and silver prices, respectively, partially offset by a 26% decrease in GEOs sold.

Production costs applicable to sales were $56.6 million in Q1/25, compared to $47.9 million in Q1/24. An 18% increase in production costs was primarily driven by inflation outpacing the devaluation of the Argentine peso, impacting local currency expenditures. Additionally, contractor costs rose due to operational efforts focused on improving processing recoveries, material grades, and advancing delineation work at the Odin pit.

Cash costs andAISC per GEO sold were $2,575 and $3,047 in Q1/25, respectively, compared to $1,607 and $1,947 Q1/24. The increase in both cash costs and AISC was primarily due to 18% higher production costs and 26% lower GEOs sold, as noted above.

Investment in MSC

Our 49% attributable share of operations from our investment in MSC in Q1/25 resulted in an income of $0.5 million, compared to $1.3 million in Q1/24. Despite higher planned unit costs driven by adverse macroeconomic conditions in Argentina, the favorable metal price environment enabled the operation to maintain a working capital position of $83.7 million as of March 31, 2025 (December 31, 2024 – $87.0 million).

We received $2.2 million in dividends from MSC in Q1/25 (Q1/24 – $nil).