McEwen Inc.

The following table summarizes the operating and financial results for the Fox Complex for the three and six months ended June 30, 2025, and 2024:

Stock Project

In Q2/25, we invested $5.6 million to advance development at the Stock project, with significant progress on critical underground and surface work to support initial production (H1/25 – $9.7 million). During the period, excavation for the box cut and installation of the mine portal collar were completed, enabling commencement of underground development. Approximately 73 meters of ramp development were completed, advancing towards the East Zone, which will provide the initial ore feed. Additional site activities included drilling and blasting of bedrock for the portal entrance and the completion of ground support installation in the box cut. Supporting infrastructure upgrades were also initiated, including shaft rehabilitation, dewatering systems, power supply extensions, and installation of surface facilities required to support underground operations.

In parallel, we advanced geotechnical, hydrogeological, and environmental studies to inform detailed mine design and permitting compliance. The ramp development is designed to connect the East Zone to the existing Stock Mill, which remains fully permitted and will process ore from Stock, improving mill utilization rates and reducing overall unit costs. Technical planning continues for infill drilling and test stoping in late 2025 to validate grade continuity and support production scheduling. Total capital expenditures incurred to date for the Stock development were approximately $18.8 million, with remaining work on schedule to commence mining activities in 2026.

2025 compared to 2024

The Fox Complex produced 5,429 GEOs from the Froome Mine in Q2/25, representing a 35% decrease from 8,297 GEOs in Q2/24, as mining continues in the lower-grade zones at the bottom of the deposit (H1/25 and H1/24 – 10,948 GEOs and 15,782 GEOs, respectively). With the current production plan targeting mining of higher-grade zones in H2/25, we expect production to improve throughout the year, and are also evaluating near-term opportunities for additional ore from Froome West and Stock to derisk the mine plan.

Revenue from gold saleswas $19.2 million for Q2/25, compared to $17.8 million for Q2/24. This increase was primarily driven by a a 40% increase in the average realized gold price, partially offset by a 23% decrease in GEOs sold. The same factors impacted revenue for H1/25 compared to H1/24. Realized gold prices at the Fox Complex are impacted by historic streaming arrangements, which require the sale of a portion of gold produced from the Froome and Black Fox mines at $613 per ounce during Q2/25 and H1/25.

Production costs applicable to sales were $13.7 million in Q2/25, compared to $12.9 million in Q2/24, representing a 6% increase primarily driven by higher mining expenses due to additional third-party contractors hired to address labor shortages and higher unit costs associated with the fixed cost component of underground development, partially offset by a 23% decrease in GEOs sold. The same factors contributed to the variance between H1/25 and H1/24 production costs.

Cash costs andAISC per GEO sold were $2,212 and $2,563 for Q2/25, respectively, compared to $1,588 and $1,874 for Q2/24. The increase in unit costs was primarily driven by a 23% decrease in GEOs sold. The same factors impacted unit costs on a year-to-date basis, with higher fixed costs spread over fewer ounces sold. Unit costs are expected to decrease throughout the year as planned production increases during H2/25.