McEwen Inc. and Golden Lake Exploration Inc. Announce Closing of Arrangement

• McEwen Inc. and Golden Lake Exploration Inc. announced the closing of their statutory plan of arrangement on April 30, 2026.
• The transaction integrates Golden Lake's Jewel Ridge and Jewel Ridge West projects into McEwen's Gold Bar Mine Complex in Nevada.
• Golden Lake shares are delisted from the Canadian Securities Exchange (CSE) effective April 30, 2026.
• Holders of Golden Lake common shares received 0.003876 McEwen common shares for each Golden Lake share held.
• All outstanding Golden Lake warrants were cashlessly exercised and cancelled; all convertible notes were converted into Golden Lake shares prior to exchange.
• Outstanding stock options were exchanged for replacement McEwen options on an equivalent economic basis with adjusted exercise prices.
• Drill highlights from Jewel Ridge include 2.37 gpt gold over 67.57 meters, supporting the strategic value of the asset integration.

• The closing announcement was fully priced in since the initial deal announcement on January 28, 2026, which offered an implied price of $0.12 per share (~60% premium).
• Shareholder approval was overwhelmingly secured (99.64%) in March 2026, removing execution risk prior to closing.
• The stock traded at the offer price ($0.12) for months leading up to the close, indicating market efficiency and lack of surprise upside or downside.
• The final closing price of $0.11 on April 30 reflects minor convergence variance likely due to McEwen share price fluctuations affecting the exchange ratio value, but does not indicate deal failure.
• As a completed M&A transaction with delisting, there is no further independent equity upside for Golden Lake shareholders; they are now exposed to McEwen Inc.'s performance.

• Company: Golden Lake Exploration Inc. (GLM), a junior exploration company focused on gold assets in Nevada.
• Flagship Project: Jewel Ridge and Jewel Ridge West projects located adjacent to McEwen's Windfall and Lookout Mountain discoveries.
• Project Status: Integrated into McEwen's Gold Bar Mine Complex following the April 2026 closing.
• Drill Highlights: Recent drill results cited include 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over 56.39 meters, and 2.37 gpt gold over 67.57 meters at Jewel Ridge.
• Strategic Context: The acquisition aims to leverage existing infrastructure for long-life mining operations within the Gold Bar Mine Complex.