MUX

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11:00 a.m. ET Chairman and Chief Owner - Rob McEwen Executive Vice Chairman - Ian Ball Chief Operating Officer - William Shaver Chief Financial Officer - Perry Ing Vice President of Finance - Jeff Chan Vice President of Corporate Development - Stefan Spears Managing Director of McEwen Copper - Michael Meding General Counsel and Secretary - Carmen L. Diges Operator: Good morning, ladies and gentlemen, and welcome to McEwen's second quarter 2026 operating and financial results conference call. Present from the company today are Rob McEwen, Chairman and Chief Owner, Ian Ball, Executive Vice Chairman, William Shaver, Chief Operating Officer, Perry Ing, Chief Financial Officer, Jeff Chan, Vice President of Finance, Stefan Spears, Vice President of Corporate Development, Michael Meding, Managing Director of McEwen Copper, and Carmen L. Diges, General Counsel and Secretary. Other management of the company will also be available to answer questions during the call. Please note, this event is being recorded. For the question and answer session after the speaker's presentation, if you would like to ask a question, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I will now turn the conference over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir. Rob McEwen: Thank you, operator. Good morning, everyone, and thank you for joining us. I'd like to do something a little different today. You've already seen our financial statements. You've had an opportunity to read our press release. You know our production numbers, our revenue, our costs. Rather than simply repeating those numbers, I'd like to step back and talk about what they really mean. I've learned something over my career, markets are very good at measuring what happened last quarter. They're much less effective at recognizing the value that's being created for the future. Today, I'd like to focus on one question. What really matters? Before I entered the mining business, I spent 18 years in the investment industry as an analyst, portfolio manager, a mutual fund manager, and later, controlling a member firm of the Toronto Stock Exchange. Every day, my responsibility was to decide where capital should be invested and just as importantly, where it shouldn't. Eventually, I made a decision that surprised many people. I stopped looking for companies that created value and decided to build one instead. That perspective has never left me. I still think like an investor. I still ask the same question I asked 40 years ago. Is this company becoming more valuable? That question I want to answer today. Let's begin with the hard part. This was not a quarter we wanted. Operationally, we fell short of our own expectations. Production was lower than we had planned. Costs remained higher than we consider acceptable. Those results were disappointing to you and to me. Those explanations don't create shareholder value. Execution does. Our execution wasn't consistently where it needs to be. The most significant operational issue during the quarter was at Gold Bar. We encountered more carbonaceous material than expected in portions of the ore body. Carbonaceous ore presents a metallurgical challenge because it can absorb dissolved gold during leaching, thus reducing recoveries. Simply put, we recovered fewer ounces than we should have. That's on management. The important question today isn't whether we encountered a problem. We did. The important question is whether we understand it and whether we know how to fix it. I believe we do. We've expanded metallurgical testing. We're improving our geological modeling to better identify carbonaceous zones before they're mined. We're modifying mine sequencing and blending strategies. We're evaluating additional processing improvements to reduce the impact of preg-robbing. These are not overnight solutions. They're practical, measurable actions that should improve recoveries over time. I've learned something more after 40 years in the mining industry. Nature always has another lesson to teach. Great companies aren't defined by whether they encounter problems. They're defined by how honestly they acknowledge them and how effectively they solve them. That is what we're doing. Having said all of that, I don't want anyone to conclude that one difficult quarter defines this company. It doesn't. What really matters isn't whether every quarter is perfect. What really matters is whether every quarter leaves us stronger, smarter, and better positioned for the future. That's where my optimism comes from. Unlike many companies in our industry, our biggest challenge isn't finding metal. It's unlocking more of the value we already own. Our exploration programs continue to demonstrate that our assets have significant room to grow. At the Fox Complex, I don't simply see a mine. I see the emergence of a mining district. Grey Fox, Stock, Whiskey Jack, and our other targets continue to strengthen our confidence that we can replace depletion and continue building long-term value through discovery. I've always believed that exploration is one of the highest return investments a mining company can make. Every important discovery begins with a drill hole that challenges yesterday's assumptions. Those discoveries don't simply add ounces. They extend mine life, improve economics, create optionality. Ultimately create shareholder value. That philosophy has guided me throughout my career. It's one of the reasons I remain so excited about our future. Then there's Los Azules. I've spent much of my professional life looking for assets capable of changing the future of a company. Those opportunities are rare. I believe Los Azules is one of them. We're entering a world where artificial intelligence, data centers, electrification, modern power grid, energy security are driving unprecedented demand for copper. At the same time, very few world-class copper projects are advancing towards production. That creates an opportunity for projects with the right scale, the right economics, and the right environmental profile. Los Azules has the potential to be one of those projects. The progress we've made over the past year has reduced technical risk, strengthened engineering, advanced permitting, expanded financing discussions. There is still much work ahead, every milestone moves us closer to unlocking what I believe is one of the most valuable assets in our portfolio. One thing that has remained constant throughout my career is my approach to capital allocation. Shareholders entrust us with their capital. Our responsibility is to treat every $ as if it were our own. Because in my case, it is. I've invested a substantial portion of my own wealth in this company because I believe our best years remain ahead of us. That doesn't mean we'll never have disappointing quarters. We will. Mining doesn't work that way. What it does mean is that we will continue confronting problems honestly, investing in opportunities that offer the greatest long-term returns, and making decisions based on intrinsic value rather than short-term market sentiment. As I look ahead, I see four priorities. First, improve operational execution and recoveries. Second, continue expanding our resource base through disciplined exploration. Third, advance Los Azules towards becoming one of the world's premier copper projects. Finally, allocate capital with the same discipline that has guided me throughout my career. Those priorities won't necessarily produce the perfect quarter, but I believe they will produce a much stronger company. I'll leave you with one final thought. When I entered the investment business many years ago, I learned that markets eventually recognize value. When I entered the mining business, I learned something equally important. Value has to be created before it can be recognized. That is our job. We still have work to do. We still have challenges to overcome. I believe we're building a company whose future will be considerably stronger than its recent past. In the end, that's what really matters. Thank you. Now open it for questions. Operator? Operator: We will now begin the question and answer session. As a reminder, to ask a question, you will need to press star followed by the number one on your telephone. To withdraw your question, press star, then one again. Our first question comes from Jake Sekelsky from Alliance Global Partners. Your line is now open. Jake Sekelsky: Hey, Rob and team. Thanks for taking the questions. Just looking at the Gold Bar production target, the multi-year target of 90,000 to 100,000 ounces a year, can you just touch on the permitting processes for the surrounding deposits that are going to drive this hub and spoke model? How should we think about the timeline there for tonnage starting to come in from the spokes? Rob McEwen: Permitting is about two years away. We have to have some water well studies done, and during that period, we'll be coming forward with our production. As you looked at the exploration results coming out of our Eureka properties, we can see that making a large contribution to that production number you spoke of. Jake Sekelsky: Okay. That's helpful. Rob McEwen: Okay. Jake Sekelsky: Just switching gears to Los Azules and the NSR. That seems like a hidden gem in the portfolio a bit. Can you just comment on how you view this asset going forward, is it something that you expect to keep in the MUX portfolio, or are there other avenues to unlock value with the NSR that you're looking at over the medium term? Ian Ball: Hi, Cenk. It's Ian Ball speaking. Just on your point, we've looked at it and we've been doing a lot of work on the tax implications of whether you keep that inside of McEwen or whether you were to give that to shareholders in a spin-out. Right now, it is in a U.S. corporation, and one of the things that we've looked at is, does it make sense for McEwen to hang on to it until Los Azules is actually paying? Right now, to make it on a tax-free basis, it would have to go into a U.S. corporation, which has additional corporate governance surrounding it, versus going into a Canadian corporation, which would be taxable to shareholders. The thought right now is keep it inside of McEwen so there's no extra G&A costs associated with running that company, then sort of evaluate it when Los Azules is entering production, because then it could obviously incur that extra cost of being a U.S. company. We also announced yesterday that we have created a small royalty on this agreement we have with Paragon. We have other royalties within the company. The thought is we could probably build up that royalty portfolio alongside Los Azules, obviously, as you mentioned, being the key royalty. At some point, it probably does make some sense to look at giving that to shareholders in the way of an IPO, because it should trade at a higher valuation based relative to the operating company. Jake Sekelsky: Makes sense. Okay. Maybe over the medium term, kind of build up a bit of a royalty portfolio and potentially spin it out down the road when the timing makes sense. Ian Ball: Yeah. I think that's something that we would have to consider, yeah. Jake Sekelsky: Okay. Very good. That's all on my end. Thanks again. Ian Ball: Thanks, Cenk. Operator: The next question comes from Mike Kozak from Cantor Fitzgerald. Your line is now open. Mike Kozak: Yeah. Good morning, Rob and team. Ian Ball: Good morning, Mike. Mike Kozak: A few questions. Oh, good morning. A few questions from me. How much cash was in the San José JV at exit Q2? Do you expect any more distributions over the remainder of this year? I know you're already through guidance, just some color there would be helpful. Perry Ing: Sounds good, Mike. This is Perry speaking. At the end of the second quarter, I believe San José had roughly $130 million in US cash and investments. We're not expecting a further dividend this year. Part of that is due to their central bank regulations and the need to pay dividends out of audited surplus earnings. We're in regular discussions with our partner, Hochschild, and the team at San José. If there's an opportunity to, certainly, we would discuss it, at this point, we would expect dividends to resume next year. Mike Kozak: Got it. Helpful. Thank you. Perry Ing: Sure. Mike Kozak: My second one, if I can in your 10-Q there was disclosure around, I think, what you're calling an enhanced financing proposal from Finland's Export Credit Agency. Could you give a bit more color there? How did Finland, of all places, come to get potentially involved in Los Azules? What are the next milestones for that proposal to maybe convert into something more definitive? What's the size as it stands right now? Anything you could give there would be helpful. Rob McEwen: I'll ask Mike to address that question. Michael Meding: Sure. As part of our financing, we look into financings for Export Credit Agencies. One of the Export Credit Agencies in Europe that is very active is the Finnish one. Why is that? Yeah, because Metso is headquartered there, and Metso is one of the key suppliers for mining equipment, specifically crushing, conveying asset plant, SX-EW, and so forth. We have engaged with the authorities from the ECA actually some years ago already, and we had received prior financing offers. That is just one part of our overall financing package. We have engaged also North American ECAs, we have engaged Japanese ECAs. We have engaged other European ECAs. We think that the financing through an ECA, on top of giving you the financing itself, so typically come with good tenders, they typically come with good pricing, and they typically come with the political support of the project. While we have the RIGI in place, which gives us good protection in Argentina, this is just another layer to make this project much more robust as we go through the different decades ahead during which the project will be operating. With regards to the amounts, that is depending on the amount of equipment sourced or equipment or engineering sourced from the countries involved. You can look, depending on the ECA, somewhere between $200 and more than $500 million each. One of the reasons why we engaged Société Générale was actually to support us bundling all those activities because those activities have been done mostly by myself and Stefan Spears in the past. They require quite some bench strength to do. We put on the team Société Générale to support us in getting all this together in an overall project finance. Mike Kozak: Okay. That makes a lot of sense. I appreciate that, caller. Thanks. I'll jump back in queue. Michael Meding: Sure. Operator: As a reminder, to ask a question, you will need to press star followed by the number 1 on your telephone. To withdraw your question, press star then 1 again. Our next question comes from Don DeMarco from National Bank. Your line is now open. Rob McEwen: Hello, Don. Thank you, operator. Hello, Rob. Good morning to Rob and team. Rob, I'll start off with Gold Bar. My question, is the revised guidance based solely on the known reconciliation issues, or does it include additional conservatism for areas that have not been kept in mind? I'm referring to the higher than expected carbonaceous material in certain zones that didn't reconcile with the resource model. I'm just wondering how localized that is and what assumptions you're making going forward. Thanks. William Shaver: Yeah, thanks very much for the question. It is William Shaver. I guess the models for this kind of operation are under continuous scrutiny by ourselves and by our consultants. Much of the information about where the carbon is in the various benches comes from the blast hole drilling, which is sampled on a routine basis. Those holes are approximately 12 or 14 feet apart. Those are all samples, and those are used in the operation to understand where the ore is and where the carbonaceous material is and where the waste is. The model is basically in a state of educating itself on an ongoing basis. Basically, I don't think we've changed the conservatism of the overall model, but it's just as it happens in this quarter, we ended up with a significant amount of waste. What we've done to alleviate that situation is to increase production overall, which allows us to move more waste and hopefully the same amount of ore. Of course, you can imagine that when you're in a pit, if you have this carbonaceous material in a phase, you have to mine that material to get at ore that will be encountered either behind it or beside it. It's unfortunate that these kind of things happen. I think there is some unpredictability about it because the carbon doesn't necessarily show up in the drilling that was originally used to put the resource together. It's a continuous process of having sampling, passing, marking up benches with geologists and so on. That's the routine that we have, and that normally works. We just didn't mine the right amount of ore during the period. Does that help you? Don DeMarco: No, that's very helpful. I think with that, I think that kind of satisfies my questions on Gold Bar. I'll shift over to Los Azules then for my second and final question. With the FID work program expected to conclude in Q4, what are the remaining major work streams that we should focus on, and what milestone do you think is most likely to unlock value recognition? Thank you. Rob McEwen: Mike, would you like to Michael Meding: Thank you, Rob. I think that we go now through the vendor engineering. We have done the work required that was missing for the engineering in the first quarter with regards to drilling condemnation. The thing is that at June, we had completed roughly 27% of the planned FID work program. As you said, we're targeting completion of the program in the fourth quarter. That curve is by design. We had the plan ramped up beginning in the second quarter, and the piece that drive the second half are now in place. The major process packages are awarded, the SXEW plant, the sulfuric acid plant, and the crushing system. They sit with Metso. With vendor data in hand, design is advancing quickly. What is also interesting is that we had very good geotechnical campaign. That is going into our mine design. We had a zone where in the feasibility, we had certain restriction with regards to angles. The new data that we obtained in the beginning of this year now allows us to consolidate the pit design from eight sectors to four and to shrink the zone that had to have flatter angles in the pit by roughly 22%. This will increase the ore that we can mine. It will also decrease the amount of stripping that we have to do. Those are all important milestones that we have to go through now, the mine design, the final one, and the rest of the engineering. On another note, on exploration, the work that we did was condemnation, was geotech, hydrology, but we used also a lot of the information that we obtained from that drilling for exploration purposes. We have done lots of prospecting, and we now have our first integrated district model together, which defines the structural corridor of exploration targets beyond the current resource. Three of them, Franca, Lonita, and Austral rank high in terms of priority and are planned for drill testing in the 2026/2027 season, which begins in September with, we think maybe about 8,800 meters. This is all very interesting. The additional exploration will not change our plans with regards to the feasibility and the final investment decision and the engineering, but it will open up future opportunities and add to this already very long life asset beyond the initial 22-year asset life, the potential to increase the 33 years, either with a concentrator or with Rio Tinto's Nuton technology beyond that. We are quite optimistic for the overall district for Los Azules. Don DeMarco: Okay. Thank you very much for that. Again, that's all for me. Thank you for taking my questions. Michael Meding: Thank you. Rob McEwen: Thank you. Operator: The next question comes from Jeremy Hoy with Canaccord Genuity. Your line is open. Rob McEwen: Hi, Jeremy. Jeremy Hoy: Hi, Rob and Ian. Thanks for taking my question. Just a follow-up on Los Azules. On financing, Societe Generale is now an exclusive debt advisor. IPO preparations have begun, and there's an enhanced Finnvera proposal. I realize that this is an evolving discussion, but I guess I'm looking for an update on how you view the likely financing stack for the project. Could you also remind us what McEwen's expected funding obligation and dilution tolerance at the McEwen Copper level are? Rob McEwen: There are no obligations. Michael Meding: Sorry, Rob. Apologies. Rob McEwen: Please go ahead. Michael Meding: Maybe I take the part of the financing package, Rob, then you can talk about the overall strategy. The overall financing package that we're looking for is about $4 billion. We had in the feasibility a CapEx of about $3.2 billion, and with working capital, with some interest payments, and with some room for an overrun facility, we're looking around $4 billion. We think that reasonably we can finance, I would say 60% debt, 40% equity for a project in Argentina of that size. We think that the majority of the debt financing will come from ECAs. I had mentioned before that the ECAs, beyond having interesting terms, they come with a lot of other benefits for projects of our size. They come with long terms, typically 10 to 15 years, and they make the overall project much more robust. On that side, we think that should cover maybe 80%, 85% or more percent of the overall debt financing package, and the rest would be then a traditional project finance set up. On the traditional project finance set up, we have an agreement in place with IFC. They are working with us together to audit us and support us on the IFC Performance Standard compliance that is quite advanced. They also wanted to have the OFO as being one of the lead arrangers for project finance, which is another international organism that comes with lots of support over the project life, the initial financing, and then overall the project life. We think we can put that package together on one hand with the ECAs, on the other hand with IFC and other DFIs, and then maybe some commercial banks, whatever is remaining. On the equity side, we are looking for about $1.6 billion, and we try obviously to maximize the debt financing as long as it generates additional value for our shareholders. On the $1.6 billion, we think that $600 million could be coming from one of our existing partners, $600 million from another partner, then we have our IPO in the mix, and then we have specialized mining funds. That would be the breakdown. This is just one scenario in terms of sources for the financing. We are looking at a couple of others, but that's the general direction that we're pushing for at the moment. Rob, you wanted to add something with the overall strategy? Rob McEwen: Sure. Jeremy, you were asking about how much dilution is acceptable. As small as possible. We think we have a rare asset that can contribute significant value, so we're not keen to issue a lot of stock on that. We'll see how the market behaves. There's been a couple of issues recently. We're looking to do an IPO in the latter part of this year to address a component of that equity requirement. As Mike said, there are some partners we're looking at to put other equity in. Retaining as large a piece as possible. Hope that addresses your question. Jeremy Hoy: Okay. Well, yeah, that was an excellent review and summary. Thank you very much. Paul, step back in the queue. Rob McEwen: Thanks, Jeremy. Operator: Our next question comes from online user Terry DeVries. The first question is, "Why is all-in sustaining cost rising so high?" The second question, "How does a $10 move in crude affect AISC? Perry Ing: Sure. I'll take that question, operator. It's Perry. In terms of our AISC, or all-in sustaining cost, I think you'll see that, consistent with our news release, the main driver of that was the shortfall in production ounces at Gold Bar. It's a fairly fixed cost operation, so with the decrease in the denominator, obviously, there's an overall impact in AISC. We do see that trending down as we increase ounce recovery in the second half of the year. Despite moving more volume, we do see AISC coming down from where it is in Q2. In terms of the other question, a $10 move in crude. Overall, we're not directly exposed to changes in crude oil prices. Operating the Gold Bar mine, going back to that, is our main user of fossil fuels, so there, we are exposed to U.S. diesel prices. In 2025, U.S. diesel was kind of in the $3.75 range. So far this year, with the onset of the Iran situation, it's increased about $4.75 per gallon. I think that increase overall has about $100 cost per ounce impact on our overall AISC costs. Again, if diesel were to rise another further dollar to $5.75 a gallon, then you'd see close to another $100 impact. If that addresses that question, operator. Operator: There are no further questions at this time. I would now like to turn the call back over to Mr. Rob McEwen. Please go ahead, sir. Rob McEwen: Thank you, operator. I just want to conclude saying we see the future looking very bright. Thank you. Operator: This concludes today's call. You may now disconnect. Before you buy stock in McEwen, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and McEwen wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. McEwen (MUX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in McEwen Inc.? Here are five stocks we like better. Second-quarter operations fell short as lower production and elevated costs at Gold Bar, driven partly by unexpected carbonaceous ore and preg-robbing, pressured recoveries and all-in sustaining costs. Management is revising geological models, mining sequences, blending strategies and processing methods, with improvement expected over time. McEwen plans to advance the Los Azules copper project toward a final investment decision in the fourth quarter. The company is evaluating approximately $4 billion in financing—potentially 60% debt and 40% equity—and is targeting an IPO later this year to help fund an estimated $1.6 billion equity requirement. Gold Bar expansion permitting is expected to take about two more years, while exploration and engineering updates could improve its long-term production potential. Separately, the San José joint venture is not expected to pay another dividend this year, with distributions currently anticipated to resume in 2027. McEwen (NYSE:MUX) said its second-quarter operational performance fell short of expectations, citing lower production and elevated costs, while management outlined steps to improve recoveries at its Gold Bar mine and advance the Los Azules copper project toward a final investment decision. Chairman and Chief Owner Rob McEwen said the company’s results were disappointing but argued that the company’s longer-term value depends on resolving operational issues, expanding its resource base and advancing its copper-development portfolio. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “Operationally, we fell short of our own expectations,” McEwen said. “Production was lower than we had planned. Costs remained higher than we consider acceptable.” The principal operational issue during the quarter occurred at Gold Bar, where the company encountered more carbonaceous material than expected in portions of the ore body. Carbonaceous ore can absorb dissolved gold during leaching, reducing recoveries in a process known as preg-robbing. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High McEwen said the company is expanding metallurgical testing, improving geological modeling to identify carbonaceous zones before mining, modifying mine sequencing and blending strategies, and evaluating processing improvements. He cautioned that the measures are not immediate fixes but described them as practical actions intended to improve recoveries over time. Chief Operating Officer William Shaver said Gold Bar’s geological model is being continually updated using blast-hole drilling and routine sampling. He said blast holes are spaced roughly 12 to 14 feet apart and are used to distinguish ore, waste and carbonaceous material in operating benches. → No Hangover: Revisiting Microsoft One Week After Earnings Shaver said the company did not change the overall conservatism of its model but encountered a significant amount of waste during the period. McEwen is increasing overall production activity to move more waste while seeking to maintain ore volumes, he said. “We just didn’t mine the right amount of ore during the period,” Shaver said. Chief Financial Officer Perry Ing said the production shortfall at Gold Bar was the main driver behind higher all-in sustaining costs, as the operation has a relatively fixed cost base. He said the company expects AISC to decline in the second half as recovered ounces increase, even as Gold Bar moves more material. Ing also said Gold Bar is McEwen’s primary consumer of fossil fuels and therefore its main exposure to U.S. diesel prices. He estimated that the rise in U.S. diesel prices from about $3.75 per gallon in 2025 to about $4.75 per gallon so far in 2026 had an approximately $100-per-ounce effect on overall AISC. A further $1-per-gallon increase could add close to another $100 per ounce, he said. Asked about Gold Bar’s multiyear production target of 90,000 to 100,000 ounces annually and permitting for surrounding deposits under a hub-and-spoke model, McEwen said permitting is “about two years away.” He said water-well studies remain necessary and that the company expects to provide further production details during that process. McEwen added that exploration results from the company’s Eureka properties could make a large contribution to the targeted production level. Management also discussed the financing and engineering work underway at Los Azules, McEwen Copper’s proposed copper project in Argentina. McEwen said the asset has the potential to be a major source of future value as demand grows from artificial intelligence, data centers, electrification, power-grid investment and energy-security initiatives. Michael Meding, managing director of McEwen Copper, said the company had completed about 27% of its planned final investment decision work program as of June and is targeting completion in the fourth quarter. Major process packages for the SX/EW plant, sulfuric acid plant and crushing system have been awarded to Metso, he said. Meding said recent geotechnical work could improve the mine design. New data allowed the company to consolidate the pit design from eight sectors to four and reduce by roughly 22% the area requiring flatter pit-wall angles. He said the changes could increase mineable ore and reduce stripping requirements. The company also plans to drill-test three exploration targets—Franca, Lonita and Austral—during the 2026/2027 season beginning in September, with roughly 8,800 meters of drilling contemplated. Meding said the exploration work will not alter the feasibility, final investment decision or engineering timetable, but could add future opportunities beyond the project’s initial 22-year mine life. McEwen Copper is evaluating an overall financing package of about $4 billion, including the feasibility-study capital expenditure estimate of approximately $3.2 billion, working capital, interest payments and potential overrun capacity, Meding said. Management is considering a financing structure of about 60% debt and 40% equity. Export credit agencies could provide 80% to 85% or more of the debt package, according to Meding. The company is also working with the International Finance Corp., other development finance institutions and potentially commercial banks. McEwen Copper estimates an equity requirement of about $1.6 billion. Meding said potential export-credit financing could range from $200 million to more than $500 million per agency, depending on equipment and engineering sourced from each country. He said Finland’s export credit agency is involved because Metso, a key potential supplier of mining equipment and SX/EW-related systems, is headquartered in Finland. Rob McEwen said the company is targeting an IPO in the latter part of the year as one component of the equity financing requirement. He said management intends to minimize dilution and retain as large an ownership interest in Los Azules as possible. Executive Vice Chairman Ian Ball said McEwen is considering retaining its Los Azules net smelter return royalty within the company until the project begins generating payments. He said placing the royalty in a separate U.S. corporation now would add governance and general-and-administrative costs, while moving it to a Canadian corporation could create taxable consequences for shareholders. Ball said McEwen could build a broader royalty portfolio, including a recently created royalty related to its agreement with Paragon, and potentially consider an IPO or other distribution to shareholders in the future. Such a structure could trade at a higher valuation relative to the operating company, he said. Separately, Ing said the San José joint venture held roughly $130 million in U.S. cash and investments at the end of the second quarter. McEwen does not expect another dividend from the venture this year because of central-bank regulations and the need to distribute dividends from audited surplus earnings. The company currently expects dividends to resume next year. McEwen concluded that management’s priorities are improving operational execution and recoveries, growing the resource base through exploration, advancing Los Azules and allocating capital with discipline. McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production. The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "McEwen Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the Q2 production shortfall primarily to unexpected carbonaceous material at Gold Bar, which caused 'preg-robbing' and reduced metallurgical recoveries. The company is addressing recovery issues through expanded metallurgical testing, improved geological modeling, and modified mine sequencing to better identify and blend carbonaceous zones. Strategic optimism is driven by the belief that the company's primary challenge is unlocking existing value rather than resource discovery, particularly within the emerging Fox Complex mining district. Exploration remains a core pillar of the value creation strategy, with management viewing drill programs as high-return investments to extend mine life and create operational optionality. The Los Azules project is positioned as a critical asset to meet surging copper demand from AI, data centers, and electrification, with technical risks being systematically reduced. Management maintains a disciplined capital allocation framework, emphasizing decisions based on intrinsic value and long-term returns rather than short-term market sentiment. Recovery at Gold Bar is expected to be a gradual process involving practical, measurable actions rather than an overnight solution, with AISC projected to trend down as ounce recovery improves. The company is targeting a multi-year production goal of 90,000 to 100,000 ounces at Gold Bar, supported by a 'hub and spoke' model with permitting for surrounding deposits roughly two years away. A feasibility study and Final Investment Decision (FID) for Los Azules are targeted for completion in Q4 2026, with the work program currently focused on vendor engineering and mine design optimization. The financing strategy for Los Azules assumes a $4 billion total package, targeting a 60/40 debt-to-equity ratio with heavy reliance on Export Credit Agencies (ECAs) to provide political support and favorable terms. Management intends to pursue an IPO for the copper subsidiary in the latter part of the year to address equity requirements while minimizing dilution for existing shareholders. The presence of carbonaceous ore at Gold Bar remains a localized risk factor that does not always appear in original resource drilling, requiring continuous blast hole sampling to manage. San José JV dividends are expected to pause for the remainder of the year due to Argentine central bank regulations and audited surplus requirements, with a resumption anticipated in 2027. The company is evaluating the potential spin-out of a royalty portfolio, including the Los Azules NSR, but will likely retain it internally until production nears to avoid unnecessary G&A and tax complications. Operating costs are sensitive to U.S. diesel prices, with management noting that a $1.00 per gallon increase in diesel impacts AISC by approximately $100 per ounce. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Permitting for the 'spoke' deposits is approximately two years away, pending the completion of water well studies. Exploration results from the Eureka properties are expected to be a major contributor to the 90,000-100,000 ounce annual production target. Management is currently keeping the royalty inside the company to avoid extra G&A and tax issues associated with U.S. vs. Canadian corporate structures. The long-term plan involves building a royalty portfolio that could eventually be IPO'd to capture higher market valuations relative to an operating company. The company is engaging Finnish, North American, and Japanese ECAs, which could provide between $200 million and $500 million each in financing. ECA involvement is viewed as a strategic layer of political protection in Argentina, complementing existing RIGI protections. New geotechnical data has allowed for a 22% reduction in zones requiring flatter pit angles, which will increase mineable ore and decrease stripping requirements. A new integrated district model has identified high-priority exploration targets (Franca, Lonita, Austral) for drill testing in the 2026/2027 season.

(See Glossary for Defined Terms) TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- 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. Key Project Updates – Path to 250,000 – 300,000 Annual GEOs Canada 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 commercial production. Tartan Mine Project (Flin Flon, Manitoba) – The Company is currently reviewing a larger mine and mill scenario (ranging between 1,000 and 1,500 tpd), versus the initial plan of using a smaller staged approach (500 tpd expanding to 1,000 tpd). This would result in incremental upfront capital, which would be more than offset by higher gold production and lower operating costs. Based on the new mine design being contemplated, Tartan has the potential to produce 40,000 – 65,000 GEOs per year over a 7-10 year life based on the Mineral Resource Estimate. During Q2 the Company’s exploration drilling successfully discovered the new Central Zone, located between the Main and South Zone. Drilling has intersected the Central Zone over a relatively large area and has the potential to meaningfully increase the Mineral Resource Estimate. Highlights from Q2 drilling at Tartan are presented in the exploration section of this news release. USA In Nevada, McEwen is reducing its production guidance at the Gold Bar Complex from 39,000 – 43,000 GEOs to 30,000 – 33,000 GEOs and raising its AISC cost guidance to $2,900 – $3,200 per GEO for 2026. These changes are due to less ore being placed on the heap leach pad than planned. This occurred due to 1) The mine assay lab being down for a period during Q2, which caused the team to focus on mining non-mineralized material to advance open pit development and 2) More carbonaceous material being associated with the ore than anticipated. This increase in carbon content is expected to impact production during Q3 and Q4, resulting in the lower production guidance. Despite the lower than expected production, the Gold Bar Complex is expected to see production reach 90,000 – 110,000 GEOs by 2030, driven by Windfall, Lookout Mountain and Trinity Ridge. Management will look to leverage the current infrastructure at site to reduce capital expenditures. Windfall, Lookout Mountain and Trinity Ridge (Gold Bar Mine Complex) - Gold Bar’s transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate during Q2. The 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) and Inferred Resources of 281,000 gold ounces (11,256,200 tonnes at 0.78 gpt Au). This is in addition to Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au). The next deposit for which a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex is Trinity Ridge, where we will look at merging the smaller existing open pits into one enlarged pit that captures a meaningful amount of gold mineralization excluded from the current Mineral Resource Estimate. The new Mineral Resource Estimate is expected by early 2027. Drill highlights for Trinity Ridge since our last announcement on December 8, 2025, are presented in the exploration section of this news release. The Company also sees meaningful resource growth potential based on its ongoing review of historic exploration results. Argentina San José Mine – During Q2 the Company received a $49.4M dividend from the San José Mine. This brings the 2026 dividends received from San José to $58.2M, exceeding our previously announced estimate of $40 – $50M. The operation is benefiting from the recently completed process plant expansion, higher mining rates and gold recoveries, resulting in increased production. At current gold and silver prices, San José is expected to be an important source of capital that the Company will use to expand production at its other sites. 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 In Mexico, McEwen is forecasting 20,000 GEOs production per year starting H2 2027. El Gallo – The Company is targeting Phase 1 production during H2 2027. Detailed engineering, final geotechnical drilling and establishing onsite power for the mill are being completed, 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 once commercial production is achieved. The Company is reviewing opportunities within its land package that would require minimal capital to extend Phase 1. Permit approval for Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 - 50,000 GEOs (based on 77:1 silver-to-gold ratio) due to higher grades being processed. The Company is currently updating the Mineral Resource Estimate, which will include all resources around the proposed mill site and will be released later in Q3 2026. Significant Ownerships McEwen Copper McEwen owns a 46.3% equity stake in McEwen Copper. The 2025 Feasibility Study for McEwen Copper’s Los Azules project confirmed robust project economics, including initial 5-year average production of 205 ktpa of copper cathodes and a $1.71/lb C1 cash cost over a 22-year mine life. The study also identified the potential to extend the mine life by an additional 33 years under the Nuton case for a total of 55 years, with average copper cathode production of approximately 141 ktpa. The Nuton case is preliminary in nature and is not supported by Mineral Reserves. McEwen also owns a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project. Under the 2025 Feasibility Study base case of $4.35/lb copper, the royalty is projected to generate approximately $389.5 M of undiscounted pre-tax cash flow over the initial 22-year operating period. Under the PEA-level Nuton case, which assumes a copper price of $4.80/lb and could potentially extend the mine life by an additional 33 years, the royalty is projected to generate a further approximately $633.5 M. Based on the 2025 Feasibility study and using a recent copper spot price of $6.50/lb, McEwen’s royalty is projected to generate approximately $584 M from the initial case and $860 M from the potential Nuton extension, for a combined undiscounted pre-tax royalty cash flow of approximately $1.4 B. Los Azules continued to advance toward a Final Investment Decision (“FID”) during Q2, with approximately 27% of the planned FID work program deliverables completed as of June 30, 2026, and the balance targeted for completion in Q4 2026. Key activities included advancing vendor engineering for the SX/EW plant, sulfuric acid plant and crushing systems, progressing mining fleet evaluation, power supply assessment and EPCM contractor selection, and commencing construction of the access road and site camp. The Company also completed its planned H1 2026 field campaign of geotechnical, condemnation and hydrogeological drilling. 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 also reviewing an enhanced financing proposal received from European export credit agency. Management remains focused on completing the FID work program, with construction targeted to commence in early 2027 and production in 2030, subject to project financing and customary approvals. Paragon Advanced Labs In July 2026, McEwen entered into a memorandum of understanding ("MOU") with Paragon Advanced Labs ("Paragon") to develop advanced laboratory services, including PhotonAssay™ technology at the Gold Bar Mine Complex in Nevada. The MOU also contemplates future PhotonAssay™ laboratory services at the Fox Complex in Timmins and the El Gallo Mine in Mexico. Paragon would grant McEwen a 3% royalty on gross revenues generated by the laboratory from third-party clients. Mineral Resource & Exploration Update Fox Complex, Ontario (100% owned) Exploration at Grey Fox Exploration drilling during Q2 focused on three areas at Grey Fox: 1) Whiskey Jack, 2) Gibson and 3) Grey Fox South (Fig. 1, 2, 3, 4 & 5). Each area returned significant results, with multiple holes returning high gold grades over good thicknesses. These results have the potential to expand the Mineral Resource Estimate contained in the Grey Fox PFS that was released in Q2 and to extend our planned mine life beyond 2041. Discovering higher grades similar to these results is central to making Grey Fox an even stronger project financially. Higher grades can increase production, lower costs, and drive higher rates of return without requiring additional capital. Following up on these new results is a top priority for the Company. On June 8, 2026, a new Mineral Reserve Estimate was released for Grey Fox as the basis for the PFS that outlined 980,300 gold ounces Probable (9.41 million tonnes at 3.24 gpt Au). In addition, Grey Fox contains Mineral Resources exclusive of Reserves of 701,000 gold ounces Indicated (9.68 million tonnes at 2.25 g/t Au) and 388,000 gold ounces Inferred (4.70 million tonnes at 2.57 g/t Au). Figure 1. Plan Map for the Grey Fox Deposit Figure 2. Plan Map for Grey Fox Project Highlighting Q2 Drill Results Whiskey Jack Whiskey Jack is the highest-grade zone at Grey Fox. Two new recent holes intersected very high grades and are located along the northwest limit of the current Mineral Resource Estimate (Fig. 2). There also appears to be good potential to further extend this mineralization at depth. 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 Drilling 60 meters below the Whiskey Jack mineralized zone and offsetting the initial deep hole that returned 11.9 gpt gold over 5.7 meters (TW) (news release dated May 6th, 2026) returned good grades, further highlighting the exploration potential through deeper drilling. Whiskey Jack’s high-grade potential remains open at depth. 7.5 gpt gold over 7.3 meters (TW) in drillhole 26GF-1723 Figure 3. Longitudinal Section for the Whiskey Jack Zone at Grey Fox Project Significant high-grade was also recently encountered in the footwall of Whiskey Jack. The recent drilling targeted an area 20 meters below a previous hole that returned 53.0 gpt gold over 6.7 meters (TW) (Fig. 3 & 4). 97.7 gpt gold over 4.4 meters (TW) in drillhole 26GF-1755 Figure 4. Cross Section for the Whiskey Jack Zone at Grey Fox Project Gibson The Gibson Zone is near existing underground infrastructure, including the portal and ramp from surface. Areas targeted during Q2 were selected based on their lower drilling density and good resource growth potential (Fig. 2 & 5). 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 seen in drillhole 26GF-1762 is also important in terms of exploration potential at Gibson as it is open along strike and down-dip. Figure 5. Cross Section for the Gibson Zone at Grey Fox Project Grey Fox South During Q2, the exploration team discovered what it believes is a new mineralized zone similar to Whiskey Jack, located approximately 850 meters southeast of the current Mineral Resource Estimate with drillhole 26GF-1736 (Fig. 2). The mineralization is open to the northwest and at depth. This new discovery highlights the continued prospective nature of the Grey Fox Project, even after considerable exploration. In addition, drill holes 26GF-1727 and 26GF-1731 confirm that there is still the potential to discover additional higher-grading mineralization within the current Grey Fox South resource (Fig. 2) 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), including hole locations and alignments, can be accessed here. Buffalo Ankerite Project The Company recently commissioned a Mineral Resource Estimate for the Buffalo Ankerite Project, located adjacent to the Dome Mine in Timmins. The mine historically produced approximately 1.0 million gold ounces at an average production grade of 6.51 gpt Au. The last publicly disclosed Mineral Resource Estimate in 2014 is now considered historic and should not be relied upon. The updated Mineral Resource Estimate is scheduled to be published in early 2027. Once completed, the Company will begin to evaluate potential alternatives for the project, including a potential sale. Gold Bar Mine Complex, Nevada The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge. McEwen believes that integrating these areas has the potential to transform the Gold Bar Mine Complex into a long-life asset. During Q2, drilling at Windfall and Lookout Mountain focused on converting Inferred Resources to Measured and Indicated Resources to advance mine planning, with approximately 70 holes completed to accelerate timelines. The drill results confirmed the overall grade and thickness of the Inferred Resources, increasing confidence in the mineralization and our production plans. It is important to note that the results continue to show oxide mineralization that could potentially be processed using the same heap leaching technology currently used at the Gold Bar Mine, with McEwen looking to utilize the existing mine infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced. Windfall (RCW = Reverse Circulation Width, CW = Core 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 Lookout Mountain & Windfall – Is There a Much Larger Opportunity? The area surrounding Lookout Mountain and Windfall is very prospective, with gold occurring along two significant mineralized trends (Fig. 6). Many of the targets have seen limited to no drilling, despite encouraging historical results. Key target areas where the exploration team believes the Mineral Resource Estimate can be expanded include the Water Well Zone, Rocky Canyon, Triple Junction, and South Adit (Fig. 6), with historical drilling including 1.65 gpt gold over 79.2 meters. McEwen completed its first hole at the Water Well Zone during Q2. This area represents a growing discovery beneath and adjacent to the Lookout Mountain Mineral Resource Estimate. Our initial drilling was designed to offset an isolated high-grade historical hole. McEwen’s first drillhole returned: 3.4 gpt gold over 24.1 meters (CW) in drillhole LM077 This mineralization is open to the north and east and will be followed by additional drilling. The Water Well Zone is attractive because it suggests there might be a larger gold system below and around the existing Mineral Resource Estimate. Historic drilling at the Water Well Zone included 7.3 gpt gold over 27.3 meters. Immediately north of Windfall sits the recently acquired Jewel Ridge and Jewel Ridge West targets (Fig. 6). Historical drill highlights from the Jewel Ridge include 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over 56.39 meters, 2.37 gpt gold over 67.57 meters. Figure 6.  Lookout Mountain and Windfall Exploration Targets and Resources Trinity Ridge At Trinity Ridge, located within the current limits of Gold Bar Mine, the Company is evaluating the potential to expand and merge three existing open pits into one larger pit. An initial Mineral Resource Estimate is scheduled to be completed during Q1 2027. Our plan is to then proceed with permitting and mine planning. Trinity Ridge has the potential to extend the mine life of current mining operations at similar production rates for the foreseeable future. Recent drill results, continue to support the Company’s development plans for 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 Tartan Mine Project, Manitoba Exploration at Tartan (Fig. 7 & 8) In Q1, the Company released a Mineral Resource Estimate for the Tartan Mine Project that will serve as the foundation for a potential restart of the mine. Since then, the Company’s exploration drilling successfully discovered the new Central Zone, located between the Main and South Zone (Fig. 8). Drilling has intersected the Central Zone over a relatively large area – it spans 60 meters along strike and 225 meters vertically, from 535 meters to 760 meters below surface, and remains open at depth. It has the potential to meaningfully increase the Mineral Resource Estimate and our ounces per vertical meter, which is important for operating Tartan at a higher production rate. In addition to the new Central Zone, drilling in Q2 focused on upgrading Inferred Resources to the Indicated category, to facilitate mine planning and drilling the deepest hole ever at the South Zone. The result from the South Zone extended the mineralization vertically by 300 meters or 46% from the current limits of the Mineral Resource Estimate. New Central Zone Discovery (CW = Core Widths) 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 Expansion Along Eastern and Western Flanks (CW = Core Widths) 29.1 gpt gold over 10.0 meters (CW) in drillhole TLMZ26-67Including 572.0 gpt gold over 0.5 meters 17.8 gpt gold over 15.9 meters (CW) in drillhole TLMZ26-58Including 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 Depth (CW = Core Widths) 4.8 gpt gold over 2.0 meters (CW) in drillhole TLMZ26-53 Figure 7. Long Section of Tartan’s Main Zone – Selected Drill Highlights Figure 8. Cross Section of Tartan Mine Project – Selected Drill Highlights For additional information, a table showing all drill results and locations from our exploration programs at Gold Bar, Fox and Tartan is available on the Company’s website and can be accessed by clicking here. Highlights of Q2 2026 Abbreviations used are defined in the Glossary at the end of this press release. Management Conference Call Management will discuss our financial results and project developments, followed by a question-and-answer session. An archived replay of the webcast will be available approximately two hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media. Glossary of Terms and Abbreviations Table 3. Q2 2026 Production and Costs1, Comparatives from Q2 2025 and 2026 Annual Guidance Notes to Table 3: Cash gross profit, cash costs per ounce, and all-in sustaining costs (AISC) per ounce, adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) and adjusted EBITDA per share are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definitions of these non-GAAP measures, refer to the “Non-GAAP Financial Measures” section in this press release. For reconciliations to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the quarter ended June 30, 2026, filed on EDGAR and SEDAR Plus. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratio of 61:1 for Q2 2026 and 99:1 for Q2 2025. 2026 production guidance is calculated based on 77:1 gold to silver price ratio. El Gallo contributed 994 GEOs of production in Q2 2026 and 3,214 in H1 2026. San José Mine figures represent the portion attributable to McEwen from its 49% interest in the San José Mine. CAUTIONARY NOTE REGARDING NON-GAAP MEASURES We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the non-GAAP measures supplementally. The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled “49% basis” were derived by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement (“OJVA”) and varies depending on factors including the profitability of the operations. The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include: The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and Other companies in our industry may calculate their cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining costs per ounce, adjusted EBITDA, and average realized price per ounce differently than we do, limiting the usefulness as a comparative measure. Cash Costs and All-In Sustaining Costs The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations. Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount. All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs: Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include costs of expanding the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life. Sustaining exploration and development costs include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activities performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining. The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales: Adjusted EBITDA Adjusted earnings before interest expense, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP financial measure and does not have any standardized meaning. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José mine; we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our gold operations and capital activities separately from our other operations and investments. The most directly comparable measure prepared in accordance with GAAP is net income (loss). The following tables present a reconciliation of adjusted EBITDA: Technical Information The technical content of this news release related to financial results, mining, reserves and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Inc. and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Technical information pertaining to Gold Bar Mine Complex exploration contained in this news release has been prepared under the supervision of Robert Kastelic, CPG, McEwen Nevada’s Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., McEwen Ontario’s Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Technical information pertaining to resource estimates and the Tartan Mine Project exploration contained in this news release has been prepared under the supervision of Rory Krocker, P.Geo., McEwen Tartan’s Senior Project Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Technical information pertaining to resource estimates contained in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen’s Director of Resource Modelling, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Analyses reported herein were submitted either as half core or reverse circulation (RC) chip samples and assayed by the photon assay method either at the accredited laboratories of MSA Labs (ISO 9001 & ISO 17025) in Timmins, Ontario or Paragon Geochemical (ISO 17025), in either Hamilton (Ontario), Reno (Nevada) or Vancouver (British Columbia).  As part of our regular QA/QC program McEwen Inc. follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials and blanks in the sample stream for the monitoring and assessment of laboratory processes and procedures. All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the geological database. Reliability of Information Regarding San José The Company accounts for its investment in Minera Santa Cruz S.A., the owner of the San José Mine, using the equity method. The Company relies on the management of MSC to provide accurate financial information prepared in accordance with GAAP. While the Company is not aware of any errors or possible misstatements of the financial information provided by MSC, MSC is responsible for and has supplied to the Company all reported results from the San José Mine, and such results 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 adequacy or accuracy of this release. ABOUT MCEWEN McEwen is a diversified gold, silver and copper company trading on the NYSE and TSX under the ticker symbol “MUX”. The Company provides shareholders exposure to a growing base of gold and silver production in prolific mineral‑rich regions throughout the Americas including the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also advancing the reactivation of its El Gallo gold and silver mine in Mexico. The Company’s near‑term objective is to double its total annual production to 250,000–300,000 gold equivalent ounces by 2030. In addition, McEwen provides exposure to copper through its 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules development project in San Juan, Argentina. Based on the last equity financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$457 M. 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 highlights the project's strong economics and focus on environmental stewardship. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a publicly traded company deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon seeking to become a leading service provider in the sector. Chairman and Chief Owner Rob McEwen has invested over US$290 M personally and takes a salary of $1 per year, aligning his interests with those of our shareholders. 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. His goal is to significantly multiply the value of our shareholders’ investments and his own, as he did while building Goldcorp Inc. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed are as at the date of this news release, and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement. The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen. Want News Fast?Subscribe to our email list:https://www.mcewenmining.com/contact-us/#section=followUs and receive news as it happens!! Figures accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/63f57da7-f7c3-40f6-bd6c-5a103cbb72de https://www.globenewswire.com/NewsRoom/AttachmentNg/c352d452-2101-440a-810d-ec72d8ba06ac https://www.globenewswire.com/NewsRoom/AttachmentNg/111df3b9-1ac7-4745-90b4-8e01d282cd71 https://www.globenewswire.com/NewsRoom/AttachmentNg/05ffc4f8-44e3-4696-9cf4-1e24b2ce288a https://www.globenewswire.com/NewsRoom/AttachmentNg/f8a55ffe-35b2-4b04-bff8-fcd022945f50 https://www.globenewswire.com/NewsRoom/AttachmentNg/6039ed75-1b34-457e-a453-1eebf5ccfea6 https://www.globenewswire.com/NewsRoom/AttachmentNg/103e2353-4d2e-437f-8bd9-899856b97860 https://www.globenewswire.com/NewsRoom/AttachmentNg/bd5a9b19-0e79-4fb5-980f-dc569d614671

This article first appeared on GuruFocus. Production: Production was lower than planned during the quarter. Costs: Costs remained higher than the company considers acceptable. Operational Issue: Encountered more carbonaceous material than expected in portions of the ore body, reducing gold recoveries. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Management is taking concrete steps to address the carbonaceous ore issue at Gold Bar, including expanded metallurgical testing, improved geological modeling, and modified mine sequencing. Exploration programs at the Fox complex are showing significant potential to expand the resource base and extend mine life, supporting long-term value creation. Los Azules is advancing well, with reduced technical risk, strengthened engineering, and progress on permitting and financing discussions, positioning it as a potential world-class copper project. The company is actively exploring financing options for Los Azules, including export credit agencies and a potential IPO, aiming to minimize dilution and maximize shareholder value. The NSR royalty portfolio, including the Los Azules royalty, is being evaluated for potential value unlocking, possibly through a future spin-out or IPO. Improved pit design at Los Azules, based on new geotechnical data, will increase ore recovery and reduce stripping, enhancing project economics. Production at Gold Bar fell short of expectations due to higher-than-expected carbonaceous material, leading to lower recoveries and higher costs. All-in sustaining costs (AISC) rose significantly due to the production shortfall, with a fixed cost base spread over fewer ounces. The company faces ongoing operational challenges, including labor shortages and industry-wide cost pressures, which have impacted execution. Permitting for the Fox complex's hub-and-spoke model is still about two years away, delaying potential production contributions from surrounding deposits. No further dividends from the San Jose JV are expected this year, limiting near-term cash inflows. The company is exposed to rising diesel prices, which could further increase AISC if fuel costs continue to climb. Warning! GuruFocus has detected 3 Warning Signs with MUX. Is MUX fairly valued? Test your thesis with our free DCF calculator. Q: What is the expected financing stack for the Los Azules project, and what is McEwen's expected funding obligation and dilution tolerance at the McEwen Copper level?A: Perry Ing (CFO) outlined a total financing package of approximately $4 billion, targeting a 60% debt/40% equity split. The majority of debt financing is expected to come from Export Credit Agencies (ECAs), covering 80-85% of the debt package, with the remainder from traditional project finance, including IFC and other DFIs. On the equity side, they are looking for about $1.6 billion, with $600 million potentially coming from each of two existing partners, plus an IPO and specialized mining funds. Rob McEwen added that dilution tolerance is "as small as possible," emphasizing the rarity of the asset and a preference to retain as large a piece as possible, with an IPO targeted for the latter part of this year. Q: Can you provide more color on the enhanced financing proposal from Finland's export credit agency? How did Finland get involved, and what are the next milestones for that proposal?A: Michael Medding (Managing Director of McEwen Copper) explained that Finland's ECA is active because Metso, a key supplier for mining equipment like SAG mills and conveying systems, is headquartered there. The engagement with the Finnish ECA began years ago, and it is just one part of a broader financing strategy that also includes North American, Japanese, and other European ECAs. ECA financing offers good tenors, pricing, and political support for the project. The amounts depend on the equipment sourced from each country, ranging between $200 and over $500 million each. Societe Generale was engaged to support bundling these activities into an overall project finance package. Q: Is the revised guidance at Gold Bar based solely on known reconciliation issues, or does it include additional conservatism for areas not yet mined? How localized is the carbonaceous material problem?A: Rob McEwen (Chairman & Chief Owner) explained that the models are under continuous scrutiny, with blast hole drilling samples (12-14 feet apart) used to understand ore, carbonaceous material, and waste locations. The model is in a state of "educating itself" on an ongoing basis. He noted that the conservatism of the overall model hasn't changed, but the quarter encountered a significant amount of waste. To alleviate the situation, they have increased overall production to move more waste while maintaining ore throughput. He acknowledged the unpredictability of carbon, which doesn't always show up in original resource drilling, but emphasized the continuous sampling and assaying routine is in place. Q: With the FID work program expected to conclude in Q4, what are the remaining major work streams, and what milestone is most likely to unlock value recognition?A: Michael Medding (Managing Director of McEwen Copper) stated that roughly 27% of the planned FID work program was completed by June, with completion targeted for Q4. Major process packages (SAG mill, SART plant, crushing system) are awarded, and geotechnical campaigns have allowed the pit design to be consolidated from eight sectors to four, shrinking the zone requiring flatter angles by roughly 22%. This will increase ore mined and decrease stripping. Exploration work has produced a first integrated district model identifying three high-priority targets (Franca, Lunita, Ostralenk) planned for drill testing in the 2026-2027 season starting in September with about 8,800 meters. This exploration could extend the already 22-year asset life toward 33 years. Q: How much cash was in the San Jose JV at exit Q2, and do you expect more distributions over the remainder of this year?A: Perry Ing (CFO) confirmed that San Jose had roughly $130 million in U.S. cash and investments at the end of Q2. However, no further dividend is expected this year due to central bank regulations requiring dividends to be paid out of honored and surplus earnings. The company is in regular discussions with partner Hochschild, and dividends are expected to resume next year. Q: Can you comment on how you view the NSR asset going forward? Is it something you expect to keep, or are there other avenues to unlock value?A: Ian Ball (Executive Vice Chairman) explained that they have analyzed the tax implications of keeping the NSR inside McEwen versus spinning it out. Currently, it's in a U.S. corporation, and a tax-free spin-out would require it to remain in a U.S. corporation, which adds corporate governance costs. The current thought is to keep it inside McEwen to avoid extra G&A costs until Los Azules enters production. They have created a small royalty on the Paragon agreement and could build up the royalty portfolio alongside Los Azules. At some point, an IPO of the royalty portfolio could make sense, as it would likely trade at a higher valuation relative to the operating company. Q: Can you touch on the permitting processes for the surrounding deposits driving the hub and spoke model at Gold Bar? How should we think about the timeline for tonnage from the spokes?A: Rob McEwen (Chairman & Chief Owner) stated that permitting is about two years away, requiring water well studies. During that period, they will be coming forward with production. He noted that exploration results from the Eureka properties show they can make a large contribution to the 90-100,000 ounce multi-year production target. Q: Why is all-in sustaining cost (AISC) rising so high, and how does a $10 move in crude affect AISC?A: Perry Ing (CFO) explained that the main driver of higher AISC was the shortfall in production at Gold Bar, which is a fairly fixed-cost operation. With decreased ounces, the denominator impact raised AISC. They expect AISC to trend down as ounce recovery increases in the second half. Regarding crude, the company is not directly exposed to crude oil prices, but Gold Bar is the main user of fossil fuels, exposed to U.S. diesel prices. Diesel increased from about $3.75/gallon in 2025 to about $4.75/gallon this year due to the Iran situation, which has about a $100 per ounce impact on AISC. A further $1 increase to $5.75/gallon would add close to another $100 impact. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TORONTO, Aug. 04, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen”, "MUX" or the "Company”) invites you to join our Q2 2026 conference call on Thursday, August 6, 2026, at 11:00 a.m. EDT. Management will discuss our financial results and project developments, followed by a question-and-answer session. An archived replay of the webcast will be available approximately two hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media. ABOUT MCEWEN McEwen shares trade on both the NYSE and TSX under the ticker MUX. McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico. The Company has a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$457 million. 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 highlights the project's strong economics and focus on environmental stewardship. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers. Chairman and Chief Owner Rob McEwen has invested over US$290 million personally and takes a salary of $1 per year, aligning his interests with those of shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award His goal is to significantly multiply the value of our shareholders’ investments and his own, as he did while building Goldcorp Inc. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed are as at the date of this news release, and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement. The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen. Want News Fast?Subscribe to our email list:https://www.mcewenmining.com/contact-us/#section=followUs and receive news as it happens!!

Ivanhoe Mines Ltd. (IVPAF) came out with quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -50.00%. A quarter ago, it was expected that this company would post earnings of $0.06 per share when it actually produced earnings of $0.11, delivering a surprise of +83.33%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Ivanhoe Mines Ltd., which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $152.61 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 29.28%. This compares to year-ago revenues of $96.76 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ivanhoe Mines Ltd. shares have lost about 33.9% since the beginning of the year versus the S&P 500's gain of 8.5%. While Ivanhoe Mines Ltd. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ivanhoe Mines Ltd. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.08 on $205.77 million in revenues for the coming quarter and $0.24 on $832.77 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, McEwen (MUX), has yet to report results for the quarter ended June 2026. This gold and silver mining company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +316.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. McEwen's revenues are expected to be $76.9 million, up 64.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ivanhoe Mines Ltd. (IVPAF) : Free Stock Analysis Report McEwen Inc. (MUX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TORONTO, June 26, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE: MUX) (TSX: MUX) ("MUX" or the "Company”) announces the results of the MUX Annual Meeting of Shareholders held on June 4, 2026. Shareholders approved the election of the Company’s directors, the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and the issuance of the Company’s common stock to Robert R. McEwen. Voting Overview Shares Voted: 34,079,421, representing 57.32% of 59,452,799 outstanding shares entitled to vote Board Elected: 11 Directors Auditor Appointment: Ernst & Young LLP appointment ratified for FY2026 Share Issuance to Mr. McEwen: Approved Detailed Voting Results Percentages are calculated from votes For and Against/Withheld, as applicable; abstentions, broker non-votes and uncast shares are excluded. Election Results for the Directors Nominated at the Meeting: Note: There were 7,589,283 broker non-votes and 5 uncast votes for each director nominee. Voting Results for the Appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026: Note: Abstentions were 44,959 on this proposal. Voting Results for the approval of issuance of shares of the Company’s common stock to Mr. McEwen, pursuant to an Arrangement Agreement between the Company and Canadian Gold Corp., in accordance with NYSE Listing Rule 312.03(b)(i) Note: The votes shown above represent the disinterested votes cast on this proposal. Abstentions were 96,004, broker non-votes were 7,589,283 and uncast votes were 8,419,456. Access Meeting Resources and Feedback We thank all participants of the 2026 Annual Meeting of Shareholders. Interested investors can access the recording of the meeting on the Company’s Media page at: https://www.mcewenmining.com/media/overview/. We welcome your feedback. Please share your thoughts about our forum presentation by emailing [email protected]. ABOUT MCEWEN McEwen is a diversified gold, silver and copper company trading on the NYSE and TSX under the ticker symbol “MUX”. The Company provides shareholders exposure to a growing base of gold and silver production in prolific mineral-rich regions throughout the Americas including the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also advancing the reactivation of its El Gallo gold and silver mine in Mexico. The Company’s near-term objective is to double its total annual production to 250,000–300,000 gold equivalent ounces by 2030. In addition, McEwen provides exposure to copper through its 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules development project in San Juan, Argentina. Based on the last equity financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$457 million. 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 highlights the project's strong economics and focus on environmental stewardship. McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a publicly traded company deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon seeking to become a leading service provider in the sector. Chairman and Chief Owner Rob McEwen has invested over US$290 million personally and takes a salary of $1 per year, aligning his interests with those of our shareholders. 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. His goal is to significantly multiply the value of our shareholders’ investments and his own, as he did while building Goldcorp Inc. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed are as at the date of this news release and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement. The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen Inc.

Interested in McEwen Inc.? Here are five stocks we like better. McEwen swung to a profitable first quarter, reporting net income of $33.4 million, or $0.56 per share, versus a loss a year earlier. Revenue more than doubled, helped by higher gold and silver prices and stronger operating execution. The company outlined an ambitious growth plan to reach 250,000 to 300,000 gold-equivalent ounces annually by 2030. Key contributors are expected to include Stock and Grey Fox in Ontario, Tartan in Manitoba, plus expansion at Gold Bar in Nevada and El Gallo in Mexico. Los Azules remains a major long-term catalyst, with McEwen Copper targeting a final investment decision by the end of 2026 and construction in early 2027. Management said the project’s financing path is being advanced through a planned 40% equity / 60% debt structure and ongoing discussions with strategic partners and lenders. McEwen (NYSE:MUX) reported a sharp first-quarter turnaround and outlined plans to expand gold production while advancing its large copper project in Argentina, according to management comments on the company’s first-quarter 2026 earnings call. Chairman and Chief Owner Rob McEwen said the company generated net income of $33.4 million, or $0.56 per share, compared with a net loss of $6.3 million, or $0.12 per share, in the same period last year. He attributed the improvement to stronger operating performance, higher gold and silver prices and “more disciplined execution.” → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Chief Financial Officer Perry Ing said revenue from the company’s wholly owned operations more than doubled from a year earlier, driven by higher gold and silver prices. Ing said McEwen ended the quarter with $57 million in cash, up from $51 million at the start of the year, despite continued spending on the Stock mine ramp. Rob McEwen said the company is working toward producing 250,000 to 300,000 gold equivalent ounces per year by 2030 while maintaining a strong balance sheet. He said the company intends to pursue growth through internal funding and minimize dilution. → MercadoLibre Boldly Invests in Growth: Discount Deepens At the Fox Complex in Timmins, Ontario, McEwen said underground development at the Stock mine remained on budget in the first quarter. Initial production is expected in late 2026, with commercial production planned for next year. A pre-feasibility study for Grey Fox is expected in the coming months. Together, Stock and Grey Fox are targeted to produce 75,000 to 90,000 gold equivalent ounces annually by 2030. The company is also advancing the Tartan mine project in Manitoba. McEwen said the project has an updated resource of 309,000 indicated ounces and 303,000 inferred gold ounces. The company is targeting initial production of 30,000 ounces per year, with potential to reach 45,000 to 55,000 ounces annually. → 3 Ways to Target the Resources Powering AI and Data Centers Across Canada, McEwen said production is expected to rise from 16,000 to 19,000 ounces this year to 105,000 to 120,000 ounces by 2030. At Gold Bar in Nevada, he said operational optimization and exploration could lift gold production to 90,000 to 100,000 ounces by 2030. In Mexico, the company expects improvements at El Gallo to increase production to as much as 20,000 ounces by 2030. Ing said McEwen received an $8.8 million dividend during the quarter from Minera Santa Cruz, which owns the San José mine in Argentina. He said the company expects to receive an additional $30 million to $40 million in dividends over the balance of the year, assuming continued strong gold and silver prices. For 2026, Ing said McEwen expects to spend about $50 million in project capital from the second through fourth quarters. That includes approximately $35 million to complete Stock mine development and related costs, as well as about $15 million for construction at El Gallo in Mexico, expected to begin in the second half of the year. Looking to 2027, Ing said the capital spending profile could roughly double to about $100 million as the company finishes work in Mexico and begins work on Grey Fox and Nevada expansion projects. He said free cash flow from operations and dividends from Minera Santa Cruz are expected to exceed $200 million at current gold prices, with “a significant buffer” even if gold prices fall to $4,000 per ounce. For 2028 and 2029, Ing said capital costs could rise to about $150 million, subject to permitting timelines. He said production from Mexico and increased output from the Fox Complex should provide more than $250 million in annual cash flow, which he said would be sufficient to support the growth plan without additional shareholder dilution. McEwen’s 46.3% interest in McEwen Copper was valued at approximately $456 million, or about $7.67 per McEwen share, based on the most recent McEwen Copper financing, Rob McEwen said. The company’s Los Azules copper project in Argentina is expected to enter production in 2030 and is targeting carbon neutrality by 2038. Michael Meding, Managing Director of McEwen Copper, said first-quarter work at Los Azules focused on preparing for a final investment decision, or FID. He said detailed engineering is advancing across drilling, access roads, heap leach pads, stockpiles, major equipment packages, trade-off studies and partner selection. Meding said the total financing path from FID to full operation is approximately $4 billion. McEwen Copper has raised more than $450 million in private financings from 2021 through 2025, including from Rob McEwen, Rio Tinto, Stellantis, McEwen Inc. and others. In January, McEwen Copper established a $240 million secured loan facility with an accordion feature. Meding said Rob McEwen, McEwen Inc. and Chief Operating Officer William Shaver have committed about one-quarter of the facility, with the remainder still open to additional participants. He said the facility covers the company’s pre-FID budget of about $197 million, including a cash need of approximately $161 million. For the post-FID financing package, Meding said McEwen Copper is targeting a capital structure of 40% equity and 60% debt. He said the company is in the final stages of appointing debt financing leads, with a focus on export credit agency financing and other project debt components. The International Finance Corporation has expressed interest in serving as a lead arranger for project debt financing, he said. On the equity side, Meding said McEwen Copper is in active discussions with potential strategic partners, with a preference for a senior mining partner and an industrial or trading counterparty for offtake alignment. He said the objective is to reach FID by the end of 2026, with construction beginning in early 2027, subject to financing and approvals. During the question-and-answer session, Rob McEwen said plans for a potential McEwen Copper IPO have not changed. He said no banker has been selected and the company is still evaluating whether to list in Canada or the United States. Meding said the company is moving ahead with the work required for a potential IPO in the second half of the year. Executive Vice Chairman Ian Ball highlighted the company’s 1.25% royalty on Los Azules, saying the royalty could generate cash flow “well in excess of half a billion dollars” over the 22-year mine life outlined in the project study, based on spot copper prices. He said additional mine life under a scenario using Nuton technology, as well as potential gold and silver revenue streams, were not included in that figure. Ball also discussed exploration progress at the Gold Bar complex in Nevada, saying current reserves and resources total about 1.25 million ounces, with a Trinity Ridge resource still to come. He said recent drilling at Windfall and the acquisition of Golden Lake could help the deposit continue to grow. At Grey Fox, Ball said drilling returned encouraging high-grade results approximately 90 meters below the area expected to be covered in the upcoming pre-feasibility study. At Tartan, he said the company has encountered four or five deeper drill holes with widths of 15 to 50 meters grading 4 to 5 grams per tonne, starting at about 1,000 meters depth. In response to an analyst question on Gold Bar, Shaver said the company is working to advance drilling needed to support mine planning and studies for the broader complex. He described a strategy built around heap leaching and carbon recovery, with loaded carbon transported to the existing Gold Bar plant for gold recovery, which he said could keep capital costs relatively low. Rob McEwen closed the call by saying the company remains focused on advancing its projects and building long-term value. McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production. The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "McEwen Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.