McEwen Inc.

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

*Revenue from gold and silver sales:*During Q2/25, revenue from our 100%-owned operations decreased by 2% to $46.7 million, from $47.5 million in Q2/24. This was primarily driven by a 29% decrease in GEOs sold and offset by a 40% increase in realized gold prices, from $2,355 per GEO in Q2/24 to $3,298 per GEO in Q2/25.

Production costs applicable to sales: During Q2/25, production costs applicable to sales decreased by 14% to $27.7 million from $32.1 million in Q2/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.

Advanced project costswere $0.9 million in Q2/25, a decrease of $2.1 million compared to Q2/24. These costs are related to our Fenix Project which remainson care and maintenance*.*

Exploration costs were $5.4 million in Q2/25, an increase of $0.4 million compared to Q2/24. Exploration expenditures totaled $2.9 million for diamond drilling at the Gibson zone of the Grey Fox project. In Nevada, $2.5 million was spent on infill drill programs at the Gold Bar Mine and Windfall and Lookout Mountain projects.

Loss from investment in McEwen Copper:During Q2/25, we recorded a loss of $7.0 million from our investments in McEwen Copper, compared to $16.8 million during Q2/24. 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 Q2/25, we recorded an income of $3.6 million from our investment in MSC, compared to $4.7 million during Q2/24. 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 $1.7 million in Q2/25 and remained comparable to Q2/24.

Other income: Other income of $7.1 million in Q2/25 increased from $0.3 million in Q2/24 mostly due to a $4.7 million gain on our investment in marketable securities and a $2.2 million gain on foreign exchange revaluation of our liabilities.

Income and mining tax recovery: For Q2/25, the Company recorded an income tax recovery of $1.1 million, compared to $2.4 million in Q2/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $2.1 million, partially offset by current income tax expenses.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Revenue from gold and silver sales: During H1/25, revenue from our 100%-owned operations decreased by 7% to $82.4 million, from $88.7 million in H1/24. This was primarily driven by a 32% decrease in GEOs sold and offset by a 36% increase in realized gold prices, from $2,246 per GEO in H1/24 to $3,062 per GEO in H1/25.

Production costs applicable to sales: During H1/25, production costs applicable to sales decreased by 17% to $47.3 million from $57.2 million in H1/24. This reduction was primarily driven by the lower number of GEOs produced and sold, offset by higher production costs per unit.

Advanced project costs were $2.6 million in H1/25, a decrease of $2.8 million compared to H1/24. These costs are related to our Fenix Project which remainson care and maintenance.

Exploration costs totaled $9.1 million in H1/25, comparable to $8.9 million in H1/24. Of this, $5.1 million was spent on diamond drilling at the Gibson Zone of the Grey Fox Project, while $4.0 million was invested in infill drill programs at the Gold Bar Mine and the Windfall and Lookout Mountain projects in Nevada.

Loss from investment in McEwen Copper: During H1/25, we recorded a loss of $15.6 million from our investments in McEwen Copper, compared to $34.8 million during H1/24. Details of McEwen Copper’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements.

Income from investment in MSC: During H1/25, we recorded an income of $4.1 million from our investment in MSC, compared to $6.0 million during H1/24. Details of MSC’s operating results are presented in the “Operations Review” section of this MDA and Note 9 to the Consolidated Financial Statements.

Interest and other finance expense, net: Interest and other finance expenses totaled $3.0 million in H1/25, an increase of $0.4 million compared to $2.6 million in H1/24. The increase was primarily driven by accrued interest on the Convertible Senior Notes issued in February 2025.

Other income: Other income of $8.6 million in H1/25 increased from $0.2 million in H1/24 mostly due to a $6.5 million gain on our investment in marketable securities and a $1.9 million gain on foreign exchange revaluation of our liabilities..

Income and mining tax recovery: For H1/25, the Company recorded an income tax recovery of $2.2 million, compared to $4.9 million in H1/24. The current period recovery primarily reflects the amortization of the flow-through share premium of $3.3 million, partially offset by current income tax expenses.