TORONTO, Aug. 5, 2026 — McEwen Inc. (NYSE/TSX: MUX) reported second-quarter 2026 financial results for the period ended June 30, 2026, with net income of $9.6 million ($0.16 per share), compared with $3.0 million ($0.06 per share) in Q2 2025. The company also provided updates on development projects aimed at increasing annual production to 250,000–300,000 gold equivalent ounces (GEOs) by 2030, along with new exploration results from the Grey Fox Project and Tartan Mine Project.

Exploration during the quarter intersected high-grade mineralization at Grey Fox, part of the Fox Complex, including 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. At the Tartan Mine Project, highlights included 17.8 gpt gold over 15.9 meters and 29.1 gpt gold over 10.0 meters. Exploration teams at both Grey Fox and Tartan made new discoveries near existing underground infrastructure.

Management stated that estimated production is expected to generate sufficient cash flow to self-fund production growth with limited to no share dilution, based on an average gold price of $4,000 per ounce and silver at $50 per ounce. These assumed metal prices reflect a commodity environment in which gold and silver have traded at or near multi-decade nominal highs, underscoring how sensitive the self-funding projection is to sustained price levels.

Key Project Updates — Path to 250,000–300,000 Annual GEOs

Canada

McEwen increased full-year production guidance at the Fox Complex to 20,000–23,000 GEOs, up from 16,000–19,000 GEOs, with all-in sustaining cost (AISC) guidance unchanged at $2,650–$2,850 per GEO. Production is forecast to grow to 100,000 GEOs by 2029 upon completion of the Stock Mine and Grey Fox. The company plans to develop these projects in phases using the existing milling facility, which limits initial capital expenditures.

Stock Mine (Fox Complex, Timmins, Ontario): Stock is expected to deliver lower-cost gold production at the Fox Complex due to a lower royalty burden, shorter haulage distance to the mill, and softer material processing. Development remained on schedule and within the initial budget during Q2. The company invested $12.8 million in Stock during Q2 and $52.2 million since the start of 2025. Mineralized material encountered during ramp development has been sent to the mill. Mining is expected to begin in Q4 2026, with commercial production in 2027. Stock production is not included in 2026 guidance. Based on additional engineering and mine planning during Q2, the Stock Mine team extended the estimated mine life from 6 years to 8.5 years based on the current Mineral Resource Estimate, with potential for further extension as underground drilling continues.

Grey Fox (Fox Complex, Timmins, Ontario): Based on the Grey Fox Prefeasibility Study (PFS) released in Q2, gold production at the Fox Complex is projected to reach 100,000 GEOs in 2029 and average 87,000 GEOs from 2028 to 2041. Grey Fox's next development steps include completing detailed engineering and initiating long-lead purchases, submitting water permit and closure plans, commencing construction in H1 2027, and achieving commercial production in 2029.

Tartan Mine Project (Flin Flon, Manitoba): The company is reviewing a larger mine and mill scenario ranging from 1,000 to 1,500 tonnes per day (tpd), compared with the initial staged approach of 500 tpd expanding to 1,000 tpd. This would require incremental upfront capital, offset by higher gold production and lower operating costs. Under the new design, Tartan has the potential to produce 40,000–65,000 GEOs per year over a 7–10 year mine life based on the current Mineral Resource Estimate. Exploration drilling in Q2 discovered the new Central Zone between the Main and South zones, spanning 60 meters along strike and 225 meters vertically, with potential to meaningfully increase the Mineral Resource Estimate.

USA

In Nevada, McEwen reduced 2026 production guidance at the Gold Bar Complex from 39,000–43,000 GEOs to 30,000–33,000 GEOs and raised AISC guidance to $2,900–$3,200 per GEO. The reductions resulted from less ore placed on the heap leach pad than planned, caused by the mine assay lab being temporarily offline during Q2 (leading crews to focus on mining non-mineralized material for open pit development) and higher-than-anticipated carbonaceous material associated with the ore. Carbonaceous material is a recognized metallurgical challenge in heap leach operations because carbon can adsorb dissolved gold from the cyanide leach solution, reducing recovery rates. The increased carbon content is expected to affect production in Q3 and Q4.

Despite the near-term reduction, the Gold Bar Complex is expected to reach 90,000–110,000 GEOs by 2030, driven by Windfall, Lookout Mountain, and Trinity Ridge.

Windfall, Lookout Mountain, and Trinity Ridge (Gold Bar Mine Complex): Gold Bar's transformation advanced with the publication of the Windfall Mineral Resource Estimate in Q2. Global Resources and Reserves for the Gold Bar Mine Complex now total Indicated Resources of 792,000 gold ounces (38,602,800 tonnes at 0.64 gpt Au), Inferred Resources of 281,000 gold ounces (11,256,200 tonnes at 0.78 gpt Au), and Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au). The next Mineral Resource Estimate, for Trinity Ridge, is expected by early 2027.

Argentina

San José Mine: McEwen received a $49.4 million dividend from San José in Q2, bringing 2026 dividends to $58.2 million and exceeding the previously announced estimate of $40–50 million. The operation benefited from a recently completed process plant expansion, higher mining rates, and improved gold recoveries. Production attributable to McEwen's 49% interest is targeted at 60,000–70,000 GEOs per year (based on a 77:1 silver-to-gold ratio).

Mexico

McEwen forecasts 20,000 GEOs of annual production starting in H2 2027.

El Gallo: The company is targeting Phase 1 production in H2 2027. Detailed engineering, final geotechnical drilling, and onsite power establishment are underway, with construction expected to begin in late Q3 2026. Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEOs annually. A Phase 2 permit approval (El Gallo Silver) would extend mine life and increase production to approximately 40,000–50,000 GEOs. An updated Mineral Resource Estimate is expected later in Q3 2026.

Significant Ownerships

McEwen Copper

McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for the Los Azules project confirmed initial 5-year average production of 205 ktpa of copper cathodes at a $1.71/lb C1 cash cost over a 22-year mine life. The study also identified potential to extend the mine life by an additional 33 years under the Nuton case (total 55 years), with average production of approximately 141 ktpa. The Nuton case is preliminary and not supported by Mineral Reserves.

McEwen holds a 1.25% net smelter return (NSR) royalty on Los Azules. Under the Feasibility Study base case ($4.35/lb copper), the royalty is projected to generate approximately $389.5 million in undiscounted pre-tax cash flow over 22 years. Under the PEA-level Nuton case ($4.80/lb copper), an additional approximately $633.5 million is projected. At a recent copper spot price of $6.50/lb, the combined undiscounted pre-tax royalty cash flow is projected at approximately $1.4 billion.

Los Azules advanced toward a Final Investment Decision (FID) during Q2, with approximately 27% of the FID work program deliverables completed as of June 30, 2026, and the remainder targeted for Q4 2026. Key activities included vendor engineering for the SX/EW plant, sulfuric acid plant and crushing systems, mining fleet evaluation, power supply assessment, EPCM contractor selection, and commencement of access road and site camp construction. The company completed its planned H1 2026 geotechnical, condemnation, and hydrogeological drilling campaign.

During Q2, Société Générale was appointed as exclusive financial advisor for the project's debt financing process, and preparations were initiated for a potential initial public offering. McEwen Copper is reviewing an enhanced financing proposal from a European export credit agency. Construction is targeted to commence in early 2027, with production in 2030, subject to financing and approvals.

Paragon Advanced Labs

In July 2026, McEwen entered a memorandum of understanding (MOU) with Paragon Advanced Labs to develop advanced laboratory services, including PhotonAssay™ technology, at the Gold Bar Mine Complex. The MOU also contemplates future services at the Fox Complex and El Gallo Mine. Paragon would grant McEwen a 3% royalty on gross revenues from third-party clients. PhotonAssay uses high-energy X-rays rather than traditional fire assay to measure gold content, reducing turnaround times and eliminating the need for hazardous reagents in the assay process.

Mineral Resource and Exploration Update

Fox Complex, Ontario (100% owned) — Exploration at Grey Fox

Exploration drilling during Q2 focused on three areas: Whiskey Jack, Gibson, and Grey Fox South. On June 8, 2026, a new Mineral Reserve Estimate was released for Grey Fox as the basis for the PFS, outlining 980,300 gold ounces Probable (9.41 million tonnes at 3.24 gpt Au). Grey Fox also contains Mineral Resources exclusive of Reserves of 701,000 gold ounces Indicated (9.68 million tonnes at 2.25 gpt Au) and 388,000 gold ounces Inferred (4.70 million tonnes at 2.57 gpt Au).

Whiskey Jack (TW = True Width):

• 32.5 gpt gold over 5.2 meters (TW) in drillhole 26GF-1733
• 64.8 gpt gold over 3.3 meters (TW) in drillhole 26GF-1743
• 7.5 gpt gold over 7.3 meters (TW) in drillhole 26GF-1723 (60 meters below the Whiskey Jack zone, offsetting a prior hole returning 11.9 gpt gold over 5.7 meters)
• 97.7 gpt gold over 4.4 meters (TW) in drillhole 26GF-1755 (in the footwall, 20 meters below a prior hole returning 53.0 gpt gold over 6.7 meters)

Whiskey Jack's high-grade potential remains open at depth.

Gibson:

• 19.3 gpt gold over 2.8 meters (TW) in drillhole 26GF-1729
• 4.4 gpt gold over 7.7 meters (TW) in drillhole 26GF-1732
• 6.4 gpt gold over 4.4 meters (TW) in drillhole 26GF-1723
• 11.9 gpt gold over 4.0 meters (TW) in drillhole 26GF-1762

The intercept in 26GF-1762 is open along strike and down-dip.

Grey Fox South: Exploration teams discovered a new mineralized zone approximately 850 meters southeast of the current Mineral Resource Estimate.

• 17.6 gpt gold over 5.8 meters (TW) in drillhole 26GF-1727
• 6.0 gpt gold over 11.4 meters (TW) in drillhole 26GF-1731
• 57.3 gpt gold over 1.0 meters (TW) in drillhole 26GF-1736

Grey Fox drill results data (April 10 – July 23, 2026) is available at

Buffalo Ankerite Project

McEwen commissioned a Mineral Resource Estimate for the Buffalo Ankerite Project, adjacent to the Dome Mine in Timmins. The mine historically produced approximately 1.0 million gold ounces at an average grade of 6.51 gpt Au. The Dome Mine is one of the longest continually operating gold mines in Canada, having been in production since the early 1900s. The 2014 Mineral Resource Estimate is considered historic. The updated estimate is scheduled for early 2027, after which the company will evaluate alternatives including a potential sale.

Gold Bar Mine Complex, Nevada

Drilling at Windfall and Lookout Mountain focused on converting Inferred Resources to Measured and Indicated Resources, with approximately 70 holes completed. Results confirmed oxide mineralization suitable for existing heap leach processing.

Windfall (RCW = Reverse Circulation Width):

• 1.5 gpt gold over 44.2 meters (RCW) in drillhole WF157
• 2.8 gpt gold over 18.3 meters (RCW) in drillhole WF183
• 2.8 gpt gold over 16.8 meters (RCW) in drillhole WF140
• 1.3 gpt gold over 18.3 meters (RCW) in drillhole WF140
• 1.9 gpt gold over 16.1 meters (RCW) in drillhole WF218
• 1.4 gpt gold over 16.8 meters (RCW) in drillhole WF179
• 2.1 gpt gold over 42.7 meters (RCW) in drillhole WF158
• 1.4 gpt gold over 21.3 meters (RCW) in drillhole WF197

Lookout Mountain:

• 0.9 gpt gold over 91.4 meters (RCW) in drillhole LM073
• 1.2 gpt gold over 30.5 meters (RCW) in drillhole LM074
• 1.0 gpt gold over 51.8 meters (RCW) in drillhole LM070
• 3.4 gpt gold over 24.1 meters (CW) in drillhole LM077
• 1.0 gpt gold over 33.5 meters (RCW) in drillhole LM085

Water Well Zone Discovery: McEwen's first hole at the Water Well Zone, beneath and adjacent to the Lookout Mountain Mineral Resource Estimate, returned 3.4 gpt gold over 24.1 meters (CW) in drillhole LM077. The mineralization is open to the north and east. Historic drilling at Water Well included 7.3 gpt gold over 27.3 meters. At Jewel Ridge, north of Windfall, historic highlights included 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over 56.39 meters, and 2.37 gpt gold over 67.57 meters.

Trinity Ridge:

• 2.5 gpt gold over 41.1 meters (RCW) in drillhole PK 181
• 2.2 gpt gold over 45.7 meters (RCW) in drillhole PK 109
• 1.8 gpt gold over 54.9 meters (RCW) in drillhole PK 182
• 3.0 gpt gold over 24.4 meters (RCW) in drillhole PK 154
• 1.5 gpt gold over 18.3 meters (RCW) in drillhole PK 154
• 1.9 gpt gold over 41.1 meters (RCW) in drillhole PK 115
• 1.7 gpt gold over 35.1 meters (RCW) in drillhole PK 096
• 1.6 gpt gold over 30.5 meters (RCW) in drillhole PK 180
• 1.8 gpt gold over 18.3 meters (RCW) in drillhole PK 157
• 2.9 gpt gold over 13.7 meters (RCW) in drillhole PK 156
• 1.1 gpt gold over 53.3 meters (RCW) in drillhole PK 174
• 1.0 gpt gold over 42.7 meters (RCW) in drillhole PK 170
• 1.0 gpt gold over 36.6 meters (RCW) in drillhole PK 145
• 1.8 gpt gold over 16.8 meters (RCW) in drillhole RG 047
• 1.6 gpt gold over 30.5 meters (RCW) in drillhole RG 055

The initial Trinity Ridge Mineral Resource Estimate is scheduled for Q1 2027.

Tartan Mine Project, Manitoba

New Central Zone Discovery (CW = Core Width):

• 5.8 gpt gold over 8.3 meters (CW) in drillhole TLMZ26-53
• 4.1 gpt gold over 9.0 meters (CW) in drillhole TLMZ26-53W3
• 3.7 gpt gold over 9.0 meters (CW) in drillhole TLMZ26-53W3
• 4.9 gpt gold over 6.0 meters (CW) in drillhole TLMZ26-53W2

Eastern and Western Flank Expansion:

• 29.1 gpt gold over 10.0 meters (CW) in drillhole TLMZ26-67, including 572.0 gpt gold over 0.5 meters
• 17.8 gpt gold over 15.9 meters (CW) in drillhole TLMZ26-58, including 241.6 gpt gold over 1.0 meter
• 11.4 gpt gold over 6.7 meters (CW) in drillhole TLMZ26-55
• 11.1 gpt gold over 2.1 meters (CW) in drillhole TLMZ26-53W2
• 5.9 gpt gold over 2.0 meters (CW) in drillhole TLMZ26-53
• 4.9 gpt gold over 3.8 meters (CW) in drillhole TLMZ26-64
• 5.1 gpt gold over 3.0 meters (CW) in drillhole TLMZ26-52W4
• 6.1 gpt gold over 4.3 meters (CW) in drillhole TLMZ26-68

Deep South Zone Extension:

• 4.8 gpt gold over 2.0 meters (CW) in drillhole TLMZ26-53

The deepest hole ever drilled at the South Zone extended mineralization vertically by 300 meters (46%) beyond the current Mineral Resource Estimate limits. Full drill results for Gold Bar, Fox, and Tartan are available at

Q2 2026 Production and Cost Notes

Gold Equivalent Ounces (GEOs) are calculated using a gold-to-silver price ratio of 61:1 for Q2 2026 and 99:1 for Q2 2025. Full-year 2026 guidance uses a 77:1 ratio. El Gallo contributed 994 GEOs in Q2 2026 and 3,214 GEOs in H1 2026. San José Mine figures represent McEwen's 49% attributable interest.

Cash gross profit, cash costs per ounce, AISC per ounce, adjusted EBITDA, and adjusted EBITDA per share are non-GAAP measures. Reconciliations are available in the Management Discussion and Analysis for the quarter ended June 30, 2026, filed on EDGAR and SEDAR Plus.

Technical Information

The technical content related to financial results, mining, reserves, and development projects was reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Inc. and a Qualified Person under SEC S-K 1300 and Canadian National Instrument 43-101.

Gold Bar Mine Complex exploration information was prepared under the supervision of Robert Kastelic, CPG, McEwen Nevada's Exploration Manager. Fox Complex exploration information was prepared under the supervision of Sean Farrell, P.Geo., McEwen Ontario's Exploration Manager. Tartan Mine Project and resource estimate information was prepared under the supervision of Rory Krocker, P.Geo., McEwen Tartan's Senior Project Manager. Resource estimate information was also reviewed by Luke Willis, P.Geo., McEwen's Director of Resource Modelling.

Analyses were submitted as half core or reverse circulation chip samples and assayed by the photon assay method at accredited laboratories: MSA Labs (ISO 9001 & ISO 17025) in Timmins, Ontario, or Paragon Geochemical (ISO 17025) in Hamilton (Ontario), Reno (Nevada), or Vancouver (British Columbia). McEwen follows a controlled Chain of Custody protocol with certified reference materials and blanks for QA/QC.

Reliability of Information Regarding San José

McEwen accounts for its investment in Minera Santa Cruz S.A. (MSC), owner of the San José Mine, using the equity method and relies on MSC management for financial information. Results from the San José Mine are unaudited as of the date of this release. McEwen's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the accuracy of this release.

About McEwen

McEwen is a diversified gold, silver, and copper company trading on the NYSE and TSX under the ticker MUX. The company operates in the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina, and is advancing reactivation of the El Gallo mine in Mexico. The Cortez Trend is part of the Battle Mountain–Eureka corridor, one of Nevada's most productive gold belts. The Timmins district is one of Canada's most prolific gold camps, having produced more than 70 million ounces historically. The near-term objective is to double annual production to 250,000–300,000 GEOs by 2030.

McEwen holds a 46.3% interest in McEwen Copper, owner of the Los Azules copper project in San Juan, Argentina, with an implied ownership value of US$457 million based on the last equity financing. Los Azules is being developed with the goal of becoming one of the world's first regenerative copper mines and achieving carbon neutrality by 2038. The Feasibility Study released on October 7, 2025, is available at

McEwen also purchased 27.3% of Paragon Advanced Labs Inc., a publicly traded company deploying PhotonAssay™ units worldwide.

Chairman and Chief Owner Rob McEwen has invested over US$290 million personally and takes a salary of $1 per year. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and winner of the EY Entrepreneur of the Year (Energy) award.

A management conference call to discuss financial results and project developments will be held, with an archived replay available approximately two hours afterward at

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, reflecting McEwen's estimates, forecasts, and expectations as of the date hereof. Such statements involve risks and uncertainties including fluctuations in precious metal prices, mining industry risks, political and economic risks associated with foreign operations, permitting risks, construction and production risks, litigation risks, capital market conditions, environmental risks, mineral resource uncertainty, and foreign exchange risks. Actual results may differ materially. The company undertakes no obligation to update forward-looking statements except as required by law. See McEwen's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other SEC filings under "Risk Factors" for additional information.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Source: GlobeNewswire