McEwen Inc.

During Q2/25, we invested $2.9 million in exploration activities. Delineation drilling around the Froome deposit led to the discovery of new high-grade gold mineralization approximately 650 feet (200 meters) west of the existing mine, with drill results including 36.0 g/t gold over 10.0 meters and additional intercepts confirming stacked, sub-vertical lenses that remain open to the west and at depth. This discovery is expected to extend the Froome mine’s life through early 2026 and supports ongoing exploration aimed at expanding resources in the area.

At the Grey Fox property, exploration activities included 67,000 feet (20,000 meters) of diamond drilling, primarily focused on the Gibson Zone, where favorable grades and widths were identified. Our objectives for Q3/25 and the remainder of 2025 will continue to center on delineating near-term resources at Grey Fox, as well as identifying longer-term targets to support future resource growth.