Recent Discovery at Froome Mine Expands Along Strike and Down-Dip; Drilling at Depth Shows Potential to Extend Mine Life: 7.7 gpt gold over 20.4 m & 23.5 gpt gold over 3.7 m (true widths)

The most recent news, dated December 4, 2025, announces significant new high-grade drill results from the Froome Mine at the Fox Complex in Timmins, Ontario. The discovery has expanded along strike and down-dip. Key intercepts include 7.7 g/t gold over 20.4 meters and 23.5 g/t gold over 3.7 meters (true widths).

The drilling has extended the higher-grade gold mineralization by 100 meters vertically, a 45% increase since July 2025. Mineralization remains open at depth and to the west. The company has four drills active at the site, named Froome West. Underground mining has commenced on four levels, with three deeper levels under development. An updated resource estimate is planned for the end of February 2026. Management states these results support a potential extension of Froome's mine life, improved economics, and greater mining flexibility.

This news is materially positive and provides a significant operational de-risking for the company's key Fox Complex asset. The timing and quality of these results are critical when viewed in the context of recent company performance.

• Counteracting Negative Operational Results: The Q3 2025 results (released November 6, 2025) were exceptionally poor, reporting production below guidance and very high costs (Fox Complex AISC of $2,352/oz). In the subsequent conference call, management admitted to challenges with the final months of the Froome mine as it approached the end of its life. This created a significant operational risk and a potential production gap before the Stock Mine comes online (projected for mid-2026).

• Progression of Froome West: The Froome West discovery was first announced in July 2025 (36.0 g/t Au over 10.0 m) as a potential bridge to extend Froome's mine life. This latest news confirms that Froome West is not just a small extension but a substantial zone of high-grade mineralization. The vertical extension of 100 meters and intercepts like 7.7 g/t over 20.4 meters demonstrate significant size and grade potential.

• Impact on Strategy: This success provides much-needed operational flexibility. Instead of a precarious transition from a depleted Froome mine to the new Stock mine, the company now has a robust, growing ore source at Froome West. This could extend production well into 2026 and potentially allow for concurrent mining with Stock, which would increase overall production and help lower unit costs by maximizing mill throughput.

• Expectations: These results exceed expectations. While the initial Froome West discovery was positive, the scale of expansion indicated in this release materially improves the outlook for the Fox Complex, which had been a source of operational underperformance and concern. The release directly addresses the primary risk factor for the company's gold segment in the near term. An updated resource estimate in February 2026 will be the next step in quantifying this positive development.

In conclusion, these drill results are not routine. They provide a high-grade solution to a critical operational problem, significantly improving the near-term production profile and de-risking the transition to the next phase of growth at the Fox Complex.

McEwen Inc. is a precious and base metals mining company with a diversified portfolio of assets in the Americas. It has three producing mines: the 100%-owned Fox Complex in Ontario, Canada; the 100%-owned Gold Bar Mine in Nevada, USA; and a 49% interest in the San José Mine in Argentina.

The company's strategy is two-pronged: 1. Grow Gold Production: The primary focus is on expanding production and lowering costs at the Fox Complex. This involves transitioning from the Froome Mine to the developing Stock Mine (production mid-2026) and advancing the large-scale Grey Fox project (PFS H1 2026). The company has a stated goal of doubling production by 2030. 2. Unlock Copper Value: The company's most significant asset by potential value is its 46.4% ownership of McEwen Copper, which holds the world-class Los Azules copper project in Argentina. The recently released Feasibility Study for Los Azules outlined robust economics for a long-life, large-scale copper mine. Unlocking this value through project financing and eventual construction is a key long-term driver for the parent company.