308,900 oz Indicated and 302,700 oz InferredRecent Drilling Points to Potential ExpansionDevelopment Plans Update TORONTO, March 23, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) is pleased to report its Mineral Resource Estimate for the Tartan Mine Project, located in Flin Flon, Manitoba. The Mineral Resource Estimate outlines 308,900 Indicated gold ounces and 302,700 Inferred gold ounces (calculated using a gold price of US$3,000 per ounce), with good potential to increa ...

Washington, D.C. 20549 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33190 McEWEN INC. (Name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R. ...

Core Insights - The company reported a significant financial turnaround in 2025, achieving a net income of $38.1 million in Q4 and $34.4 million for the full year, compared to a net loss in 2024 [2][7] - Higher gold prices, increased production, and strategic operational advancements contributed to the improved financial performance [1][4] Financial Performance - In Q4, the company realized gold prices of over $4,400 per ounce, leading to a gross profit of $17.4 million, more than doubling from the previous quarter [1][3] - The full-year gross profit rose to $47.6 million from $30.9 million in 2024, indicating strong operational efficiency [3] Growth Strategy - The company aims to double its precious metal production by 2030 through exploration, targeted acquisitions, and advancing multiple development projects [4][5] - The Los Azules copper project is a key focus, with a feasibility study showing an after-tax NPV of $2.9 billion at $4.35/lb copper, with potential for significant upside at current prices [6][14] Operational Developments - The company is on track with its development projects, including the Stock and Gray Fox projects, with production expected to commence in the second half of 2026 [11] - The Los Azules project has received RIGI approval, providing long-term stability and favorable tax conditions, which enhances its attractiveness for investment [13][15] Financing and Cash Flow - Management emphasizes minimizing shareholder dilution while financing growth, with improved cash generation from higher commodity prices [8][9] - The company received an $8.8 million dividend from the San José Mine, contributing to its cash position of $51 million at year-end [1][8] Market Position and M&A Strategy - The company is focused on acquiring properties adjacent to existing operations to extend mine life without incurring significant costs [18] - Current silver production is primarily from the San José mine, with potential future production from the El Gallo phase two project being evaluated [17]

Financial Performance - In Q4 2025, gross profits more than doubled quarter-over-quarter, rising to $17.4 million from $7.8 million in Q3 2025 [12] - For the full year, gross profit increased to $47.6 million, up from $30.9 million in 2024 [12] - Q4 2025 net income was $38.1 million or $0.70 per share, compared to a net loss of $8.2 million or $0.16 per share in Q4 2024 [12] - Full year net income was $34.4 million, a turnaround from a net loss of $43.7 million in 2024 [13] - The company ended the year with a strong cash position of $51 million compared to $14 million at the end of 2024 [14] Business Lines Performance - The San José Mine reported $33.5 million in Q4 2025 for the company's 49% interest, contributing significantly to the overall performance [13] - The company is focusing on projects like Gray Fox and Gold Bar, which are expected to generate cash flow and support growth [8][9] Market and Industry Trends - The company is optimistic about the copper market, with prices around $5.80 per pound, and forecasts from major banks suggest prices will remain elevated [31] - There is a structural deficit forecasted for copper supply, driven by increased demand from AI data centers, electrification of transport, and renewable energy investments [32] Company Strategy and Development Direction - The company aims to double its precious metal production by 2030 through exploration and acquisitions [3] - McEwen Copper's Los Azules project is positioned as a low-impact, environmentally sensitive operation, with plans for a public listing later in 2026 [4][30] - The company is actively pursuing M&A opportunities, focusing on properties adjacent to existing operations to extend mine life and production [48][96] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to finance growth without excessive dilution of shareholder value, primarily through internal cash flow [6][9] - The management highlighted the importance of maintaining a strong balance sheet and operational discipline to support future growth [14] Other Important Information - The company is working on a pre-feasibility study for the Gray Fox project, expected to be released in June 2026 [18] - The Los Azules project has secured regulatory stability through RIGI approval, which is expected to attract significant investment [23][24] Q&A Session Summary Question: Will Stock contribute to 2026 guidance? - Management confirmed that production from Stock is expected in the second half of 2026, but it is not included in the current guidance [46][47] Question: What is the strategy for M&A? - The company is focusing on acquiring properties near existing operations to enhance production without spreading resources too thin [48][96] Question: Update on McEwen's stake in Paragon? - The company holds approximately 28% in Paragon, which is gaining acceptance in the industry for its photon assay technology [102][103]

Financial Data and Key Metrics Changes - In Q4 2025, gross profits more than doubled quarter-over-quarter, rising to $17.4 million from $7.8 million in Q3 2025 [11] - For the full year, gross profit increased to $47.6 million, up from $30.9 million in 2024 [11] - Q4 2025 net income was $38.1 million or $0.70 per share, compared to a net loss of $8.2 million or $0.16 per share in Q4 2024 [11] - Full year net income was $34.4 million, a turnaround from a net loss of $43.7 million in 2024 [12] - The company ended the year with a strong cash position of $51 million compared to $14 million at the end of 2024 [13] Business Line Data and Key Metrics Changes - The San José Mine contributed $33.5 million in Q4 2025 for the company's 49% interest [12] - The company is focusing on expanding existing operations and several acquisitions to double precious metal production by 2030 [2][3] Market Data and Key Metrics Changes - The company realized over $4,400 per ounce of gold in Q4 2025, benefiting from higher gold prices [12] - Copper prices are currently around $5.80 per pound, with forecasts indicating continued strength in the market [28] Company Strategy and Development Direction - The company aims to take McEwen Copper public later in 2026, leveraging the strong economics of the Los Azules copper project [3][26] - The focus is on environmentally sensitive mining practices, with plans for the Los Azules project to utilize 100% renewable energy and have no tailings [3][25] - The company is actively pursuing M&A opportunities, particularly in junior mining companies that can complement existing operations [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a favorable environment for copper and precious metals driven by electrification and AI infrastructure [28][30] - The company is preparing for a multi-year super cycle in copper, with structural deficits expected in supply [29][30] Other Important Information - The company received a dividend of $8.8 million from the San José Mine in February 2026 [13] - The feasibility study for the Los Azules project indicates a strong after-tax NPV of $2.9 billion at a base case copper price of $4.35 per pound [22] Q&A Session Summary Question: Information on the IPO for McEwen Copper - The company is looking to complete several tasks before proceeding with the IPO later this year [33] Question: Current attributable silver production - The company currently produces approximately 3.6 million ounces of silver from the San José mine, with plans for future production from El Gallo phase two [34] Question: Production guidance for Stock Mine - Production from Stock is expected to ramp up in the second half of the year, with pre-commercial production analysis to be reported [42][51] Question: M&A strategy and opportunities - The company is focused on acquiring properties adjacent to existing operations to extend mine life and increase production [44][92] Question: Update on McEwen's stake in Paragon - The company holds about 28% in Paragon, which is gaining acceptance in the industry for its photon assay technology [96][98]

Financial Performance - Q4 2025 net income was $38.1M ($0.70 per share), a significant improvement from a net loss of $8.2M ($0.16 per share) in Q4 2024[1] - Q4 2025 revenue increased by 28% to $64.6M from the sale of 15,196 GEOs, compared to $50.5M from 14,968 GEOs in Q3 2025[16] - Full year 2025 revenues rose to $197.6M from the sale of 58,552 GEOs, up from $174.5M from 74,911 GEOs in 2024[16] - Adjusted EBITDA for Q4 2025 was $28.1M ($0.51 per share), compared to $11.8M ($0.22 per share) in Q3 2025[16] - Gross profit for Q4 2025 was $47.564 million, compared to $30.935 million in Q4 2024, reflecting a significant improvement[57] - The net income for the year ended December 31, 2025, was $34,434, compared to a net loss of $(43,691) in 2024 and a net income of $33,177 in 2023[63] - Cash provided by operating activities for 2025 was $7,575, a decrease from $29,454 in 2024 and a significant improvement from $(39,637) in 2023[63] - The company reported cash flows from investing activities of $(48,739) in 2025, compared to $(58,046) in 2024 and $(99,637) in 2023[63] - The total cash, cash equivalents, and restricted cash at the end of 2025 was $55,261, up from $17,464 in 2024[63] - For the year ended December 31, 2025, adjusted EBITDA was reported at $66,163, with adjusted EBITDA per share at $1.22[75] Production and Costs - Production at the San José Mine was 18,492 GEOs in Q4 2025, with cash costs per GEO sold decreasing to $1,940, a 12% reduction from Q3 2025[17] - The Fox Complex produced 5,853 GEOs in Q4 2025, with cash costs per GEO sold at $2,278, higher than the revised guidance due to lower production[17] - The San José Mine achieved attributable production of 18,492 GEOs in Q4 2025, a 23% increase from Q3 2025, marking the highest quarterly production of the year[20] - Production costs per GEO sold in Q4 2025 were $1,940 cash costs and $2,201 AISC, representing decreases of 12% and 21% respectively compared to Q3 2025[21] - Consolidated production for 2025 was 115,687 GEOs, up from 115,687 GEOs in 2024, with guidance for 2026 set at 126,000 GEOs[55] - Cash costs per GEO for 2025 were $2,014, compared to $1,425 in 2024, with 2026 guidance between $2,250 and $2,450[55] - The total ounces sold for the year ended December 31, 2025, was 57,409, with all-in sustaining costs (AISC) per ounce sold at $2,444[73] - The ounces sold (GEO) for the San José mine for the year ended December 31, 2025, were 112,612, with cash cost per ounce sold at $2,206[75] Investments and Exploration - In Q4 2025, McEwen invested $6.3 million in exploration, down from $6.8 million in Q3 2025, with a total of $22.2 million invested for the full year, compared to $16.5 million in 2024[19] - The Gold Bar Mine Complex is advancing three key areas to increase resources, targeting combined production of 90,000 - 110,000 GEOs per year, with a planned investment of approximately $10 million in exploration for 2026[24][26] - Development at the Stock Mine is on schedule with $29.5 million invested in 2025, expecting initial production by mid-2026 and targeting annual production of 75,000 - 90,000 GEOs once fully operational[37][38] - The Tartan Mine Project is nearing completion of a Mineral Resource Estimate, with an initial production target of 30,000 GEOs per year and an increased exploration budget of $6 million for 2026[43][44] - McEwen recently acquired 27.3% of Paragon Advanced Labs Inc., which is deploying PhotonAssay™ technology globally[82] Strategic Initiatives - McEwen is targeting production growth in Canada from 16,000-19,000 GEOs in 2026 to 105,000-120,000 GEOs by 2030[8] - The company expects to generate $80 million in free cash flow from its operations and over $50 million in dividends from its 49% ownership in the San José Mine during 2026[2] - McEwen announced a Definitive Agreement to acquire Golden Lake Exploration Inc., which would enhance its asset portfolio adjacent to the Gold Bar Mine Complex[27] - El Gallo is set to begin construction in mid-2026, with Phase 1 expected to produce approximately 20,000 GEOs annually, and Phase 2 aiming to increase production to 40,000 - 50,000 GEOs[39][41] - McEwen Copper signed a collaboration agreement with the International Finance Corporation to align the Los Azules project with ESG standards for potential financing[53] - The company joined the United Nations Global Compact in August 2024, reinforcing its commitment to sustainability and corporate transparency[53] Asset and Liability Management - McEwen's working capital increased to $44.1M, compared to negative $6.5M at the end of 2024[16] - Total assets increased to $820.218 million in 2025 from $664.623 million in 2024, while total liabilities rose to $273.981 million from $169.648 million[59] - As of December 31, 2023, the total balance of common shares increased to 49,440, with paid-in capital at $1,768,456 and an accumulated deficit of $(1,266,036)[61] - The balance of common shares is projected to reach 55,517 by December 31, 2025, reflecting ongoing capital activities and acquisitions[61] Market and Economic Outlook - The feasibility study for Los Azules indicates a base case average copper production of 205 ktpa in the first five years, with an after-tax NPV (8%) of $2.9 billion at a copper price of $4.35 per pound[4] - The NPV at an 8% discount rate increased from $2.940 billion at $4.35/lb copper to $6.309 billion at $5.80/lb copper[48] - The IRR improved from 19.8% in the feasibility study base case to 30% under the current scenario[48] - Payback period decreased from 3.9 years to 2.7 years with the current copper price scenario[48] - McEwen is focused on building profitability and share value, with plans to implement a dividend policy in the future[83] - McEwen operates gold and silver mines in mineral-rich regions including Nevada, Ontario, Manitoba, and Argentina[79] - The company is positioned in regions with some of the largest copper deposits in Argentina[80] - McEwen's forward-looking statements are subject to significant business and economic uncertainties, which could lead to actual results differing materially from expectations[85] - The company emphasizes the importance of not placing undue reliance on forward-looking statements due to inherent risks[85]

分组1 - McEwen (MUX) reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.25 per share, compared to a loss of $0.15 per share a year ago, representing an earnings surprise of +164.00% [1] - The company posted revenues of $64.62 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 5.52%, and this is an increase from year-ago revenues of $33.52 million [2] - McEwen shares have increased approximately 34.3% since the beginning of the year, while the S&P 500 has declined by 1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.26 on revenues of $64.6 million, and for the current fiscal year, it is $0.93 on revenues of $254 million [7] - The Mining - Miscellaneous industry, to which McEwen belongs, is currently ranked in the top 22% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - McEwen Inc. reported significant financial improvements for Q4 and full year 2025, driven by high gold and silver prices, with a net income of $38.1 million for Q4 and $34.4 million for the full year [1][15] - The company aims to increase production to 250,000 – 300,000 GEOs by 2030 while lowering costs and extending mine life across its operations [1] Financial Performance - Q4 2025 revenue increased by 28% to $64.6 million from the sale of 15,196 GEOs, compared to $50.5 million from 14,968 GEOs in Q3 2025 [14] - Full year 2025 revenues rose to $197.6 million from 58,552 GEOs sold, up from $174.5 million from 74,911 GEOs in 2024 [14] - Q4 2025 adjusted EBITDA increased to $28.1 million or $0.51 per share, compared to $11.8 million or $0.22 per share in Q3 2025 [15] Production and Cost Outlook - Full-year 2026 production guidance is set at 114,000 - 126,000 GEOs, including production from the 49%-owned San José mine [29] - Cost per ounce guidance ranges from $2,100 to $2,300 for cash costs, and from $2,400 to $2,600 for AISC [29] Project Developments - The Los Azules copper project is advancing with a feasibility study indicating a base case NPV (8%) of $2.9 billion at a copper price of $4.35 per pound, potentially increasing to $6.3 billion at $5.80 per pound [4][57] - The company received approval for RIGI, providing 30 years of regulatory stability and lower tax rates, which is expected to significantly benefit the Los Azules project [3][57] Asset Performance - The San José Mine produced 18,492 GEOs in Q4 2025, with production costs per GEO sold decreasing to $1,940 for cash costs and $2,201 for AISC [22][23] - The Gold Bar Mine Complex produced 8,943 GEOs in Q4 2025, with costs per GEO sold at $2,415 for cash costs and $2,460 for AISC [24][25] Exploration and Development Investments - The company invested $6.3 million in exploration during Q4 2025, with a total of $22.2 million for the full year, compared to $16.5 million in 2024 [27] - Development work at the Stock Mine is on schedule, with an investment of $29.5 million in 2025, targeting initial production by mid-2026 [46] Strategic Acquisitions - McEwen entered into a definitive agreement to acquire Golden Lake Resources Inc., which includes projects adjacent to its Windfall deposit, enhancing resource potential [9][37]

Core Viewpoint - McEwen Inc. is set to hold a conference call on March 12, 2026, to discuss its Q4 and year-end 2025 financial results and project developments, allowing for direct questions from participants [1][2]. Company Overview - McEwen Inc. trades on both the NYSE and TSX under the ticker MUX [3]. - The company provides shareholders with exposure to a growing base of gold and silver production, alongside a significant copper development project in the Americas [4]. Project Developments - McEwen has a 46.3% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina, valued at approximately US$456 million [5]. - The Los Azules project aims to be one of the world's first regenerative copper mines and is projected to be carbon neutral by 2038 [5]. - The feasibility study results for the Los Azules project were announced on October 7, 2025 [5]. Recent Investments - McEwen recently acquired a 27.3% stake in Paragon Advanced Labs Inc., which is deploying PhotonAssay™ technology for assaying precious and base metals [6]. Leadership and Strategy - Chairman Rob McEwen has personally invested over US$250 million in the company and takes a nominal salary of $1 per year, aligning his interests with those of shareholders [7]. - The objective is to enhance profitability and share value, with plans to implement a dividend policy similar to that of Goldcorp Inc. [7].

Core Viewpoint - Goliath Resources Limited has applied to extend the expiry date of 2,590,673 common share purchase warrants by six months, from March 10, 2026, to September 10, 2026, while maintaining the exercise price at $2.50 per share [1][2]. Company Overview - Goliath Resources is focused on exploring precious metals projects in the Golden Triangle of Northwestern British Columbia, with all projects situated in high-quality geological settings and safe jurisdictions for mining in Canada [3]. - The company completed its largest drill campaign in 2025, totaling 64,364 meters, and is fully funded for a similar-sized drill program in 2026 [3]. - Key strategic shareholders include Crescat Capital, Waratah Capital Advisors, McEwen Inc., a Global Commodity Group, Rob McEwen, Eric Sprott, and Larry Childress [3].