2025 Year-End Resource Estimate - Grey Fox Project: +23% Indicated to 1.9 Million Gold Ounces; Inferred 436,000 Gold Ounces; Upcoming Prefeasibility Study in Q2 2026

Executive Summary

• McEwen Inc. announced its Year‑End 2025 mineral resource estimate for the Grey Fox project, reporting 1.9 M ounces Indicated and 436 k ounces Inferred gold resources – a 23 % increase in Indicated ounces versus 2024.
• The estimate incorporates both underground and open‑pit mining scenarios ahead of a Pre‑Feasibility Study (PFS) slated for Q2 2026, with plans to accelerate underground zones (Gibson & Whiskey Jack) and evaluate expanded open‑pit potential.
• Recent drill results (e.g., 10.1 g/t Au over 5.8 m) and the acquisition of the adjacent Stroud Property (historical ~270 k oz) provide upside to further grow the resource; $5‑$10 M is budgeted for additional drilling in 2026.

Key Details

• Resource Totals (2025):
• Indicated: 1,892,000 oz Au (19,474 kt @ 3.02 g/t)
• Inferred: 436,000 oz Au (5,101 kt @ 2.66 g/t)
• Growth vs. 2024: +23 % Indicated ounces; +18 % Inferred ounces.
• Underground Zones:
• Gibson Zone – Indicated 393 k oz (4.5 Mt @ 2.72 g/t); Inferred 297 k oz (3.6 Mt @ 2.59 g/t).
• Whiskey Jack – Indicated 122 k oz (735 kt @ 5.16 g/t); Inferred 5 k oz (27 kt @ 5.84 g/t).
• Open‑Pit Component: Resource modeled within current claim footprint; potential expansion pending land agreement with adjacent owner.
• Stroud Property: Acquired 2024; historical estimate ~270 k oz Au (non‑NI 43‑101); 6,000 m of verification drilling completed in 2025; full resource estimate to be released with next Fox Complex update.
• Recent Drill Highlights (post‑cut‑off):
• Hole 25GF‑1597: 10.1 g/t Au over 5.8 m
• Hole 25GF‑1599: 5.2 g/t Au over 5.4 m
• Hole 25GF‑1605: 23.8 g/t Au over 1.6 m (press release 2 Sep 2025)
• Budget for 2026 Drilling: $5–$10 M allocated to further delineate Grey Fox resources.
• PFS Timeline: Planned publication in Q2 2026; will evaluate accelerated underground mining using existing ramp and infrastructure, plus open‑pit scenarios to maximize long‑term value.
• Technical Reviewers (Qualified Persons): Sean Farrell (Exploration Manager), Luke Willis (Director of Resource Modelling), Kevin Bromfield (Project Director – Grey Fox).

Notable Quotes

“Grey Fox will be an important part of the Company’s goal of doubling production by 2030, as we continue the Fox Complex’s transition into a long‑life mining operation.” – McEwen Management

All forward‑looking statements are subject to risks and uncertainties detailed in the release.