Windfall Drilling at Gold Bar Mine Complex Intersects Significant Mineralization: 2.4 GPT Oxide Gold Over 74.7 Meters & 6.1 GPT High-Grade Gold Over 6.1 Meters

McEwen Inc. announced significant drill results from its Windfall project, part of the Gold Bar Mine Complex in Nevada. The highlight intercept was from hole WF039, which returned 2.43 grams per tonne (g/t) gold over a 74.7-meter interval of near-surface oxide mineralization.

Other notable intercepts include: - WF037: 1.70 g/t gold over 64.0 meters - WF042: 4.57 g/t gold over 12.2 meters - WF101: 6.10 g/t gold over 6.1 meters in a deeper high-grade zone

The drilling confirms the continuity of oxide gold mineralization along a 1.6-kilometer strike length, and the mineralization remains open for expansion. The reported average grade at the Gold Bar Mine for the first half of 2025 was 0.76 g/t gold, making these new intercepts substantially higher grade.

The drill results from the Windfall project are unequivocally positive and continue to build the case for a significant satellite deposit at the Gold Bar Complex. The combination of grade and thickness in the headline intercept (2.4 g/t over 74.7m) is excellent for a potential open-pit, heap-leachable operation. These grades are more than triple the current average grade being mined at Gold Bar, which directly addresses the mine's primary challenge: high operating costs. Successfully developing Windfall could materially improve the profitability and extend the life of the entire Nevada operation.

This news comes on the heels of a series of transformative announcements for the company: 1. Los Azules Feasibility Study (Oct 7, 2025): This was a game-changer, establishing a robust after-tax NPV8 of $2.9 billion and a 19.8% IRR for the massive copper project. This validates the value of McEwen's 46.4% stake in McEwen Copper and allows the company to capitalize future development costs, ending the drag on its income statement. 2. Los Azules De-risking (Late Sep 2025): Acceptance into Argentina's RIGI program provides 30 years of fiscal and legal stability, while a collaboration with the IFC paves the way for project financing. These two events drastically reduced the primary risk (jurisdiction) associated with Los Azules. 3. Froome West Discovery (Jul 23, 2025): Excellent high-grade drill results extended the life of the current producing Froome mine, providing a crucial operational bridge until the Stock mine comes online in 2026.

While the Windfall results are not as singularly impactful as the Los Azules FS, they are a strong, routine exploration success that adds tangible value and supports the new, higher valuation the stock has achieved since September.

However, risks remain. Operational performance in Q2 2025 was weak, characterized by very high all-in sustaining costs ($2,120/oz at owned operations). The company must demonstrate a significant improvement in production and cost control in the second half of the year to meet its 2025 guidance. Furthermore, the recently announced acquisition of Canadian Gold Corp. for a 97% premium, in what appears to be a related-party transaction, raises serious questions about capital allocation. This move seems to divert focus and shareholder value away from the company's impressive organic growth pipeline.

In conclusion, the news is positive and reinforces the growth narrative in Nevada. It provides further evidence that the company is building a pipeline of better-quality assets. However, it does not erase the persistent operational challenges and questionable M&A strategy.

McEwen Inc. is a diversified mining company with producing assets and development projects in the Americas. It operates the Gold Bar mine (Nevada), the Fox Complex (Ontario), and holds a 49% interest in the San José mine (Argentina). The company's most significant asset is its 46.4% ownership of McEwen Copper, which holds the world-class Los Azules copper project in San Juan, Argentina. A recently completed Feasibility Study (October 2025) demonstrated robust economics with an after-tax NPV8 of $2.9 billion and an IRR of 19.8%. This project represents the primary value and growth driver for the company. The company's key gold growth pipeline is centered on the Fox Complex, with the development of the Stock Mine and the large Grey Fox deposit.