McEwen Mining次季淨收入增兩倍至960萬美元 上調全年產量指引

EX-99.1
2
tm2622532d1_ex99-1.htm
EXHIBIT 99.1

 

Exhibit 99.1

 

 

McEwen Q2 Results

Net Income $9.6M ($0.16 per Share) vs. $3.0M
($0.06 per Share) in Q2 2025

Exploration Results Driving Resource Growth
Across All Sites

New Stock Mine in Timmins Nearing Production
– Mine Life Extended

 

(See Glossary for Defined Terms)

 

TORONTO, August 5,
2026 - 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.

 

 McEwen Inc.Page 1 

 

 

 

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).

 

 McEwen Inc.Page 2 

 

 

 

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.

 

 McEwen Inc.Page 3 

 

 

 

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

 

 

 McEwen Inc.Page 4 

 

 

 

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

 

 McEwen Inc.Page 5 

 

 

 

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

 

 

 

 McEwen Inc.Page 6 

 

 

 

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.

 

 McEwen Inc.Page 7 

 

 

 

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

 

 McEwen Inc.Page 8 

 

 

 

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

 

 

 McEwen Inc.Page 9 

 

 

 

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.

 

 McEwen Inc.Page 10 

 

 

 

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 TLMZ26-67

 

Including 572.0 gpt gold over 0.5 meters

 

-17.8 gpt gold over 15.9 meters (CW) in drillhole TLMZ26-58

 

Including 241.6 gpt gold over 1.0 meter

 

-11.4 gpt gold over 6.7 meters (CW) in drillhole TLMZ26-55

 

-11.1 gpt gold over 2.1 meters (CW) in drillhole TLMZ26-53W2

 

-5.9 gpt gold over 2.0 meters (CW) in drillhole TLMZ26-53

 

-4.9 gpt gold over 3.8 meters (CW) in drillhole TLMZ26-64

 

-5.1 gpt gold over 3.0 meters (CW) in drillhole TLMZ26-52W4

 

-6.1 gpt gold over 4.3 meters (CW) in drillhole TLMZ26-68

 

Deep South Zone Extension Depth (CW = Core Widths)

 

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

 

…Continued

 

 McEwen Inc.Page 11 

 

 

 

Figure 7. Long Section of Tartan’s Main Zone –
Selected Drill Highlights

  

 

 

 McEwen Inc.Page 12 

 

 

 

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.

 

 McEwen Inc.Page 13 

 

 

 

Highlights of Q2 2026

 

Abbreviations used are defined in the Glossary
at the end of this press release.

  

 
 Revenue
  
 Q2
 2026 revenue increased by 27% to $59.2M from the sale of 13,948 GEOs, vs revenue of $46.7M from the sale of
 14,549 GEOs in Q2 2025. The average realized gold sale price per GEO was $4,454 in Q2, 35% higher than $3,298 in Q2 2025.
 Our 49% ownership in the San José Mine, where GEO production was up 17% and 24% versus Q1 2026 and Q2 2025, respectively,
 is excluded from our revenue numbers due to accounting policies under U.S. GAAP. 

 
  
  
  

 
 Profitability
  
 Q2 2026 gross profit was $20.1M, compared with $12.3M in Q2 2025. Gross margins were positively
 impacted by higher gold prices. Q2 2026 net income was $9.6M or $0.16 per share, compared with income of $3.0M or $0.06
 per share in Q2 2025. Key items impacting net income in Q2 2026 include higher investments in our advanced projects and exploration
 ($8.5M, or $0.14 per share), unrealized losses in our marketable securities and other expenses ($8.5M, or $0.14 per share). 
 
 Since our investment in the San José Mine is accounted for as an equity method investment, our $49.4M dividend does
 not appear in our net income.

 
  
  
  

 
 Adjusted  EBITDA
  
 Q2 2026 adjusted EBITDA increased to $22.2M or $0.37 per share, compared with $17.3M
 or $0.32 per share in Q2 2025. 
 
 Adjusted EBITDA is calculated by adding back our portion of McEwen Copper and Paragon's results to our consolidated income or loss
 before financing costs, depreciation, and income and mining taxes. We use adjusted EBITDA to evaluate our operating performance and
 ability to generate cash flow from our gold mining operations, including the San José Mine.  

 
  
  
  

 
 Liquidity & Capital Resources at June 30, 2026  
  
 Cash and equivalents increased to $78.9M, compared with $51.0M at December 31, 2025.
 
 
 The value of marketable securities decreased to $12.8M, compared with $21.1M at December 31, 2025. One reason for the
 decrease is due to McEwen acquiring 100% of Canadian Gold Corp., which had a market value
 of $5.6M at December 31, 2025. The remaining decrease is due to lower values of the marketable securities owned by the company.
 
 
 On Dec 9, 2025, the Company acquired a 27.3% interest in Paragon Advanced Labs, at a cost basis of $13.7M. As of
 June 30, 2026, the fair value of the investment was $13.9M. 
 
 As of June 30, 2026, McEwen has loaned $13.6M to McEwen Copper. 
 
 The most recent financing of McEwen Copper at $30 per share on October 24, 2024 implies a full market value of $987.5M.
 Based on this valuation, McEwen’s 46.3% ownership of McEwen Copper has an implied market value of $457M or $7.65
 per MUX share (based on McEwen’s shares outstanding as of the date of this press release). Since that financing, the project
 has seen significant development and derisking with the RIGI approval, the completion of the feasibility study, and is now preparing
 for a Final Investment Decision. 
 
 Debt principal outstanding remained unchanged at $130.0M ($110.0M in convertible notes due 2030 and $20.0M under our term
 loan facility). The reported total debt of $126.6M reflects the debt principal of $130.0M, less debt issuance costs of $3.4M, which
 are amortized over the life of the debt, in accordance with U.S. GAAP. 
 
 McEwen had 59.7M shares outstanding on June 30, 2026, compared with 55.5M shares on December 31, 2025. The increase is
 mainly due to the shares issued in connection with the acquisition of Canadian Gold Corp in Q1 and Golden Lake Exploration in Q2.
  

 

 McEwen Inc.Page 14 

 

 

 

 
 San José Performance  
  
 17,019 GEOs representing McEwen’s 49% ownership were produced in Q2 2026,
 continuing the mine’s strong quarterly performance. This is 17% higher than Q1 2026 and 24% higher than in Q2 2025. Higher
 production was the result of increased plant capacity, mining rates and gold recoveries. 
 
 Production costs per GEO sold in Q2 2026 were stable at $2,466 for cash costs and $2,913 for AISC. 
 
 In May, McEwen received an $49.4M dividend from the San José Mine. This brings the total dividends received from San
 José in 2026 to $58.2M, exceeding our full-year guidance of $40 - $50 M.  

 
  
  
  

 
 Fox Complex
 Performance
  
 7,000
 GEOs were produced in Q2. Costs per GEO sold in Q2 were $1,972 for cash costs and $2,701 for AISC. AISC costs were
 down from Q1 2026 primarily due to a 25% increase in GEOs sold.

 
  
  
  

 
 Gold Bar
 Performance
  
 5,842 GEOs were produced from the Gold Bar Complex in Q2. Production was lower and costs were
 higher than Q1 2026 and Q2 2025 due to less ore being placed on the heap leach pad than planned. This occurred due to 1) the
 mine’s assay lab being down for a period during Q2 that caused the team to focus on mining non-mineralized material to advance
 open pit development and 2) more carbon being associated with the ore than anticipated. 
 
 Costs per GEO sold in Q2 were $2,705 for cash costs and $3,197 for AISC.

 
  
  
  

 
 Exploration &
 Development
  
 $11.4M was invested during Q2 in exploration, compared with $5.4M in Q2 2025. For the full
 year, the Company has increased its exploration program to $25.7M from $22.0M across its portfolio.
 
 $5.4M was invested by McEwen Copper in the Los Azules copper project in Q2, representing our 46.3% share of costs to
 advance detailed engineering in preparation of a final investment decision, compared with $7.0M in Q2 2025. As a Mineral Reserve
 statement with an effective date of September 3, 2025 was published, eligible development costs are now capitalized and will
 no longer be included in McEwen’s income statement under U.S. GAAP.

 
  
  
  

 
 Health &
 Safety
  
 Zero lost-time
 incidents across our 100%-owned operations. The Nevada Mining Association recently recognized the Gold Bar Mine Complex as the recipient
 of its 2026 Mine Operator and Safety Award that recognizes companies that demonstrate exceptional safety performance. In Mexico,
 our team at El Gallo received the ELSSA Distinction for Safe and Healthy Work Environments for the second consecutive year, a recognition
 of continued commitment to safety, health, well-being, prevention, and continuous improvement.

 

 McEwen Inc.Page 15 

 

 

 

 
 2026
 Production & Unit Costs Outlook
  
 Full-year 2026 production guidance was updated to 109,000 - 120,000 GEOs, including
 our attributable production from our 49%-owned San José mine and assuming a 77:1 silver-to-gold ratio. Our production guidance
 does not include early pre-commercial production from the Stock mine. 
 
 Consolidated costs per ounce guidance ranges have been updated, at $2,200 to $2,450 for cash costs, and $2,500 to $2,750
 for AISC.

 

    

Management Conference Call

 

Management will discuss our financial results
and project developments, followed by a question-and-answer session.

 

 
 McEwen
 Q2 2026 Results Conference Call 
 Thursday, August 6, 2026, at 11:00 a.m. EDT 
 
 Listen to the webcast: Shareholders and other attendees can register here: 
 https://events.q4inc.com/attendee/349025307/guest 
 
 Ask a question during the live Q&A: Analysts and other participants who wish to ask a question by phone can register
 here: 
 https://events.q4inc.com/analyst/349025307?pwd=4Vp35oF5

 

 

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

 

 
 Au
 –
 gold
 oz
 –
 troy ounce
 

 
 AISC
 –
 all-in sustaining costs
 PFS
 –
 pre-feasibility study
 

 
 B
 –
 billion
 Q1
 –
 first quarter (Jan 1 – Mar 31)
 

 
 CW
 –
 core width
 Q2
 –
 second quarter (Apr 1 – Jun 30)
 

 
 ft
 –
 foot
  
 If
 not followed by a specific year, it references Q2 2026
 

 
 FS
 –
 feasibility study
 Q3
 –
 third quarter (Jul 1 - Sep 30)
 

 
 GEO
 –
 gold equivalent ounce
 Q4
 –
 fourth quarter (Oct 1 - Dec 31)
 

 
 gpt
 –
 grams per tonne
 RCW
 –
 reverse circulation width
 

 
 H1
 –
 first half of the year (Jan 1 - June 30)
 t
 –
 tonne
 

 
 H2
 –
 second half of the year (Jul 1 - Dec 31)
 tpd
 –
 tonnes per day
 

 
 ktpa
 –
 kilotonnes per annum
 tpa
 –
 tonnes per annum
 

 
 m
 –
 meter
 TW
 –
 true width
 

 
 M
 – million
  
  
 

 

 

 McEwen Inc.Page 16 

 

 

 

Table 3. Q2 2026 Production and Costs1, Comparatives
from Q2 2025 and 2026 Annual Guidance

 

 
   
 Q2  
 H1  
 Full Year 2026 

 
   
 2026  
 2025  
 2026  
 2025  
 Revised
 Guidance 

 
 Consolidated Production 
     
     
     
     
   

 
 GEOs(2) (3) 
  13,852  
  13,835  
  29,741  
  27,042  
 109,000
 – 120,000 

 
 Gold Bar Mine Complex,
 Nevada 
     
     
     
     
   

 
 GEOs 
  5,842  
  8,406  
  13,726  
  16,094  
 30,000
 – 33,000 

 
 Cash Costs/GEO 
 $2,705  
 $1,679  
 $2,565  
 $1,419  
 $2,650
 – $2,950 

 
 AISC/GEO 
 $3,197  
 $1,792  
 $2,915  
 $1,986  
 $2,900
 – $3,200 

 
 Fox Complex, Canada 
     
     
     
     
   

 
 GEOs 
  7,000  
  5,429  
  12,785  
  10,948  
 20,000
 – 23,000 

 
 Cash Costs/GEO 
 $1,972  
 $2,212  
 $2,152  
 $2,142  
 $2,200
 – $2,400 

 
 AISC/GEO 
 $2,701  
 $2,563  
 $2,892  
 $2,534  
 $2,650
 –$2,850 

 
 San
 José Mine, Argentina (49%)(4) 
     
     
     
     
   

 
 GEOs 
  17,019  
  13,719  
  31,601  
  24,643  
 59,000
 – 64,000 

 
 Cash Costs/GEO 
 $2,466  
 $2,310  
 $2,414  
 $2,428  
 $2,000
 – $2,200 

 
 AISC/GEO 
 $2,913  
 $2,842  
 $2,806  
 $2,933  
 $2,300
 – $2,500 

 

 

Notes to Table 3:

 

1.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.

 

2.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.

 

3.El Gallo contributed 994 GEOs
 of production in Q2 2026 and 3,214 in H1 2026.

 

4.San José Mine figures
 represent the portion attributable to McEwen from its 49% interest in the San José
 Mine.

  

 McEwen Inc.Page 17 

 

 

 

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.

  

 McEwen Inc.Page 18 

 

 

 

The following tables reconcile these non-GAAP
measures to the most directly comparable GAAP measure, production costs applicable to sales:

 

 
   
 Three
 months ended June 30, 2026  
 Six
 months ended June 30, 2026 

 
   
 Gold
 Bar  
 Fox
 Complex  
 Total  
 Gold
 Bar  
 Fox
 Complex  
 Total 

 
   
 (in thousands, except
 per ounce)  
 (in thousands, except
 per ounce) 

 
 Production costs
 applicable to sales (100% owned) - cash costs 
 $15,871  
 $14,232  
 $30,103  
 $35,250  
 $28,943  
 $64,193 

 
 Less: costs
 of externally sourced material processed 
  —  
  (1,010) 
  (1,010) 
  —  
  (2,722) 
  (2,722)

 
 Production costs applicable
 to sales (100% owned) 
  15,871  
  13,222  
  29,093  
  35,250  
  26,221  
  61,471 

 
 In-mine
 exploration 
  47  
  —  
  47  
  131  
  —  
  131 

 
 Capitalized
 mine development (sustaining) 
  —  
  4,852  
  4,852  
  —  
  8,939  
  8,939 

 
 Capital
 expenditures on plant and equipment (sustaining) 
  2,835  
  —  
  2,835  
  4,681  
  —  
  4,681 

 
 Sustaining
 leases 
  —  
  37  
  37  
  —  
  71  
  71 

 
 All-in sustaining costs 
 $18,753  
 $18,111  
 $36,863  
 $40,062  
 $35,231  
 $75,293 

 
 Ounces sold, including stream
 (GEO) 
  5,866  
  7,088  
  12,954  
  13,744  
  12,737  
  26,481 

 
 Less: ounces
 from externally sourced material processed (GEO) 
  —  
  (382) 
  (382) 
  —  
  (554) 
  (554)

 
 Ounces sold from own production,  including
 stream (GEO) 
  5,866  
  6,706  
  12,572  
  13,744  
  12,183  
  25,927 

 
 Cash cost per ounce sold
 ($/GEO) 
 $2,705  
 $1,972  
 $2,394  
 $2,565  
 $2,152  
 $2,476 

 
 AISC per ounce sold ($/GEO) 
 $3,197  
 $2,701  
 $2,932  
 $2,915  
 $2,892  
 $2,904 

 

 

 
   
 Three
 months ended June 30, 2025  
 Six
 months ended June 30, 2025 

 
   
 Gold
 Bar  
 Fox
 Complex  
 Total  
 Gold
 Bar  
 Fox
 Complex  
 Total 

 
   
 (in thousands, except
 per ounce)  
 (in thousands, except
 per ounce) 

 
 Production costs applicable
 to sales (100% owned) - cash costs 
 $14,020  
 $13,713  
 $27,733  
 $23,113  
 $24,225  
 $47,338 

 
 In-mine
 exploration 
  67  
  —  
  67  
  67  
  —  
  67 

 
 Capitalized
 underground mine development (sustaining) 
  —  
  2,140  
  2,140  
  7,597  
  4,478  
  12,075 

 
 Capital
 expenditures on plant and equipment (sustaining) 
  870  
  —  
  870  
  1,535  
  —  
  1,535 

 
 Sustaining
 leases 
  9  
  32  
  41  
  22  
  (43) 
  (21)

 
 All-in sustaining costs 
 $14,966  
 $15,885  
 $30,851  
 $32,334  
 $28,660  
 $60,994 

 
 Ounces sold, including stream
 (GEO) 
  8,350  
  6,199  
  14,549  
  16,285  
  11,311  
  27,596 

 
 Cash cost per ounce sold ($/GEO) 
 $1,679  
 $2,212  
 $1,906  
 $1,419  
 $2,142  
 $1,715 

 
 AISC per ounce sold ($/GEO) 
 $1,792  
 $2,563  
 $2,120  
 $1,986  
 $2,534  
 $2,210 

 

 

 
   
 Three months
 ended June 30,  
 Six months
 ended June 30, 

 
   
 2026  
 2025  
 2026  
 2025 

 
 San José mine cash costs (100% basis) 
 (in thousands, except per ounce) 

 
 Production costs applicable to sales - cash
 costs 
 $77,317  
 $63,603  
 $155,188  
 $120,191 

 
 Site exploration expenses 
  5,716  
  1,825  
  10,057  
  3,155 

 
 Capitalized underground mine development
 (sustaining) 
  5,323  
  9,086  
  11,074  
  17,847 

 
 Less: Depreciation 
  (201) 
  (658) 
  (419) 
  (1,352)

 
 Capital expenditures (sustaining) 
  3,183  
  4,254  
  4,477  
  5,174 

 
 All-in sustaining costs 
 $91,338  
 $78,246  
 $180,378  
 $145,218 

 
 Ounces sold (GEO) 
  31,351  
  27,530  
  64,284  
  49,507 

 
 Cash cost per ounce sold ($/GEO) 
 $2,466  
 $2,310  
 $2,414  
 $2,428 

 
 AISC per ounce sold ($/GEO) 
 $2,913  
 $2,842  
 $2,806  
 $2,933 

 

 

 McEwen Inc.Page 19 

 

 

 

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:

 

 
   
 Three months
 ended June 30,  
 Six months
 ended June 30, 

 
   
 2026  
 2025  
 2026  
 2025 

 
   
 (in thousands)  
 (in thousands) 

 
 Net income (loss) 
 $9,606  
 $3,040  
 $42,985  
 $(3,230)

 
 Less: 
     
     
     
    

 
 Depreciation and depletion 
  8,187  
  6,853  
  15,264  
  13,024 

 
 Loss from investment in Paragon Advanced Labs Inc. (Note 9) 
  663  
     
  978  
    

 
 Loss from investment in McEwen Copper Inc. (Note 9) 
  5,434  
  6,978  
  7,508  
  15,556 

 
 Interest expense 
  2,151  
  1,549  
  4,274  
  2,858 

 
 Income and mining tax recovery 
  (3,186) 
  (1,111) 
  (3,990) 
  (2,190)

 
 Adjusted EBITDA 
 $22,225  
 $17,309  
 $67,020  
 $26,018 

 
 Weighted average shares outstanding (thousands) 
  59,998  
  53,968  
  59,694  
  53,623 

 
 Adjusted EBITDA per share 
 $0.37  
 $0.32  
 $0.89  
 $0.49 

 

 

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

  

 McEwen Inc.Page 20 

 

 

 

(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-