McEwen drills 74.7 m of 2.43 g/t Au at Windfall

Executive Summary

• McEwen Inc. reported significant new gold mineralization from its 2025 drilling program at the Windfall area of the Gold Bar mine complex in Nevada.
• The results include high-grade oxide gold intersections, such as 2.43 g/t Au over 74.7 meters and 6.10 g/t Au over 6.1 meters, validating the potential to increase gold resources and extend mine life.
• The mineralization is near-surface and oxidized, suggesting potential for heap-leach processing, and remains open for expansion, with an updated resource estimate expected.

Key Details

• Drill Hole WF039 (Near-Surface Oxide):
  • Intersected 2.43 g/t Au over 74.7 meters.
  • Included 12.79 g/t Au over 7.6 meters.
• Other Near-Surface Oxide Results:
  • Drill Hole WF042: 4.57 g/t Au over 12.2 meters.
  • Drill Hole WF037: 1.70 g/t Au over 64.0 meters.
  • Drill Hole WF045: 1.01 g/t Au over 89.9 meters.
  • Drill Hole WF044: 0.77 g/t Au over 36.6 meters.
• Deeper High-Grade Zone (Drill Hole WF101):
  • Intersected 6.10 g/t Au over 6.1 meters.
  • Included 13.42 g/t Au over 1.5 meters.
  • Base metal results pending.
• Historical Context (Drill Hole WF033 Offset):
  • Previous hole WF033 returned 8.08 g/t Au over 8.7 meters, including 50.32 g/t Au, 782 g/t Ag, 15% Pb, and 2.5% Zn (62.47 g/t Au eq) over 1.3 meters.
  • Mineralization interpreted to be controlled by the intersection of multiple faults.
• Geological Interpretation:
  • Near-surface results demonstrate continuity of oxide gold mineralization along a 1.6-kilometer (one-mile) section of the north-south-trending Windfall fault zone.
  • Mineralization remains open for further expansion in multiple directions.
• Strategic Implications:
  • Windfall was acquired as part of the Timberline Resources purchase in 2024.
  • Previous Timberline resource estimate (2023) listed 423,000 oz Au (measured/indicated) and 84,000 oz Au (inferred).
  • Incorporating 2024-2025 Windfall results is expected to positively impact resource size.
  • Gold Bar mine complex average grade mined in H1 2025 was 0.76 g/t Au.
  • Windfall is on private land, potentially allowing for faster production permitting.
  • Oxide nature allows for potential heap-leach recovery, consistent with current Gold Bar operations.
• Future Drilling Priorities (Remainder of 2025):
  • Continue resource-definition and expansion drilling in Windfall.
  • Test lateral and depth extensions of higher-grade zones.
  • Publish an updated resource estimate.

Notable Quotes

• "This newly discovered gold mineralization is beyond the limits of the previous resource estimate. The gold mineralization remains open for further expansion, with very encouraging grades and thicknesses."
• "The gold mineralization is near surface and oxidized, which means it could be potentially processed by heap-leach recovery, the same process being used at the Gold Bar mine."
• "Windfall is located on private land, potentially allowing for faster production permitting."