McEwen Q2 Results: Net Income of $9.6M ($0.16 per Share), Compared with $3.0M ($0.06 per Share) in Q2 2025; Exploration Results Driving Resource Growth Across All Sites; New Stock Mine in Timmins Nearing Production, with Mine Life Extended

McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced its second quarter financial results for the period ended June 30, 2026 (Q2). In addition, the Company is providing an update on its development projects that are forecasted to increase annual production to 250 , 000 – 300,000 GEOs by 2030 and new exploration results that have intersected very encouraging high grades at the Grey Fox Project, part of the Fox Complex ( 97.7 gpt gold over 4.4 meters , 64.8 gpt gold over 3.3 meters and 32.5 gpt gold over 5.2 meters ) and Tartan Mine Project ( 17.8 gpt gold over 15.9 meters and 29.1 gpt gold over 10.0 meters ). During Q2 the exploration teams at Grey Fox and Tartan have each made new discoveries near existing underground infrastructure, demonstrating the Company’s ability to further drive organic growth. Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited to no share dilution, based on an average price of $4,000 per ounce of gold and $50 per ounce of silver.

In Canada, McEwen is increasing production guidance at the Fox Complex for the full year to 20,000 – 23,000 GEOs from 16,000 – 19,000 GEOs, with AISC guidance remaining unchanged at $2,650 – $2,850 per GEO. Production is forecasted to grow to 100,000 GEOs by 2029 with the completion of the Stock Mine this year and Grey Fox in 2029. The Company will be developing these projects in phases, using the existing milling facility. Leveraging our current mill will allow us to limit initial capital expenditures versus building a new plant. Our continued commitment to investing in exploration was highlighted in Q2 with new high‑grade intersections across the Fox Complex and a new discovery at Grey Fox, which we believe has the potential to enhance our organic growth. These new results are contained in the exploration section of this news release.

Stock Mine (Fox Complex, Timmins, Ontario) – Stock is expected to result in lower-cost gold production at the Fox Complex compared to current operations, due to lower royalty burden, shorter haulage distance to the mill, and the benefits of processing softer material. Development continued on time and within the initial budget during Q2. We invested $12.8 M into Stock during Q2 and $52.2 M since the start of last year. Mineralized material encountered during development of the ramp has been sent to the mill, with mining expected to begin in Q4 2026 and commercial production in 2027. Production from Stock has not been included in 2026 guidance. Based on the results of additional engineering and mine planning during Q2, the team at the Stock Mine believes the mine life can be extended to 8.5 years from the previously disclosed 6 years based on the current Mineral Resource Estimate. There is potential to extend the life further, as additional underground drilling is completed.

Grey Fox (Fox Complex, Timmins, Ontario) – Gold production at the Fox Complex is projected to reach 100,000 GEOs in 2029 and average 87,000 GEOs from 2028 to 2041, based on the Grey Fox Prefeasibility study (PFS) released in Q2. Grey Fox has high financial returns with manageable initial capital. Recent high‑grade exploration results demonstrate our ability to further extend the mine life. Next steps include 1) Completing detailed engineering and initiating long-lead purchases, 2) Submitting water permit and closure plan, 3) H1 2027 construction, and 4) 2029 comm...