Golden Lake Announces Securityholder Approval of Arrangement with McEwen Inc.

Executive Summary

• Shareholders overwhelmingly approved Golden Lake’s proposed business combination with McEwen Inc., clearing the way for a statutory plan of arrangement.
• The Arrangement sets an exchange ratio of 0.003876 McEwen shares per Golden Lake share; warrants will be cashlessly exercised and notes converted into Golden Lake shares.
• Subject to court, regulatory and stock‑exchange approvals, the transaction is expected to close around March 27 2026.

Key Details

• Approval Results: 99.64% of shareholder votes (class vote) and 99.73% of securityholder votes approved the Arrangement; votes in favour represent ~39% of Golden Lake’s issued common shares.
• Exchange Ratio: Each Golden Lake share will be exchanged for 0.003876 McEwen common shares.
• Warrant Treatment: All outstanding Golden Lake common share purchase warrants will be cashlessly exercised and cancelled, with holders receiving Golden Lake shares equal to the in‑the‑money value of their warrants.
• Note Conversion: All outstanding Golden Lake convertible notes will convert into Golden Lake shares based on principal plus accrued interest per note terms.
• Option Exchange: Existing Golden Lake stock options will be exchanged for replacement McEwen options on an equivalent economic basis, with adjusted exercise prices; exercisable within 90 days after closing.
• Court Hearing: Golden Lake expects to appear before the British Columbia Supreme Court around March 23 2026 to obtain a final court order.
• Closing Timeline: Anticipated closing date is on or about March 27 2026, pending customary conditions, including receipt of required court and stock‑exchange approvals.
• Conditions: Completion remains subject to satisfaction (or waiver) of customary regulatory, legal and exchange approvals.

Notable Quotes

• Mike England, CEO & Director, Golden Lake Exploration Inc.: “The overwhelming support from our shareholders and securityholders underscores the confidence in the strategic benefits of combining with McEwen.”