# EDGAR Filing Document

**Accession Number:** 0000314203
**File Stem:** 0001104659-25-124286
**Filing Date:** 2025-12
**Character Count:** 22560
**Document Hash:** 05d4b99669b48d8e454a185c3d02aea6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124286.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124286

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251216

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** McEwen Inc.
- **CENTRAL INDEX KEY:** 0000314203
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840796160
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33190
- **FILM NUMBER:** 251601567

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 2800
- **STREET 2:** 150 KING STREET WEST, P.O. BOX 24
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** A6
- **BUSINESS PHONE:** 647-258-0395

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 2800
- **STREET 2:** 150 KING STREET WEST, P.O. BOX 24
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** A6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** McEwen Mining Inc.
- **DATE OF NAME CHANGE:** 20120125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U S GOLD CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U S SILVER STATE MINING CORP
- **DATE OF NAME CHANGE:** 19880706

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

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| | |
|:---|:---|
| Date of Report (Date of earliest event reported): | &nbsp;&nbsp;&nbsp;&nbsp; **December 16, 2025** |

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**McEWEN INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Colorado** | **001-33190** | **84-0796160** |
| (State or other jurisdiction <br> of incorporation) | (Commission <br> File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **150 King Street West, Suite 2800**<br> **Toronto, Ontario, Canada** | **M5H 1J9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | (Zip Code) |

---

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| | |
|:---|:---|
| Registrant's telephone number including area code: | &nbsp;&nbsp;&nbsp;&nbsp; **(866) 441-0690** |

---

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | MUX | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

The information set forth in Item 8.01 below is incorporated by reference into this Item 7.01. A copy of a press release announcing that the extension of McEwen Inc.'s (the "Company") Environmental Impact Assessment for the El Gallo Mine has been granted by the Mexican government is attached as Exhibit 99.1 to this Current Report on Form 8-K (the "Current Report") and is incorporated by reference into this Item 7.01. Investors and other interested parties are encouraged to read in its entirety the press release because it contains important information not otherwise described herein.

The information furnished under this Item 7.01, including the referenced exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On December 16, 2025, the Company announced the extension of its Environmental Impact Assessment for the El Gallo Mine has been granted by the Mexican government. This approval is expected to allow the Company to begin Phase 1 Mill Construction, which the Company expects to begin in mid-2026.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) <u>Exhibits</u>. The following exhibits are furnished or filed
with this report, as applicable:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2534273d1_ex99-1.htm) | [Press Release, dated December 16, 2025 (furnished herewith)](tm2534273d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |

---

 ****

***Cautionary Statement***

With the exception of historical matters, this Current Report and the accompanying press release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as of the date of this Current Report and the accompanying press release, are estimates, forecasts, projections, expectations, or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties, risks, and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious and base metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included in this Current Report and the accompanying press release, which speak only as of the date hereof and thereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this Current Report and the accompanying press release are qualified by this cautionary statement.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **McEWEN INC.** | **McEWEN INC.** |
| Date: December 23, 2025 | By: | /s/ *Carmen Diges* |
|  |  | Carmen Diges, General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2534273d1_ex99-1img01.jpg)

**McEwen Secures Key Permit for El Gallo Mine**

**Mill Construction to Begin Mid-2026 - First Gold Pour Mid-2027**

**Toronto, December 16, 2025** – **McEwen Inc.** (**NYSE/TSX: MUX**) ("McEwen" or the "Company") is pleased to announce that the extension of its Environmental Impact Assessment (Manifestación de Impacto Ambiental) for the El Gallo Mine has been granted by the Mexican government. This approval is a critical step that will allow McEwen to begin Phase 1 Mill Construction. The Company is targeting mid-2026 for construction start, and mid-2027 for its first gold pour. McEwen has purchased the ball mill, which is onsite at the mine. The Company has also started work on Phase 2, which will involve production from the project's in-situ silver deposits. This could extend the life of El Gallo well beyond the initial 10 years contemplated under Phase 1.

Phase 1 is expected to produce approximately 20,000 GEOs (Gold Equivalent Ounces) annually once commercial production is achieved. Production will come from reprocessing the material from the historical leach pad. Remaining capital costs to complete construction are estimated at $25 million. Since the material to be processed was previously mined, no significant development or exploration costs are anticipated, enhancing free cash flow.

**Historical Silver Resources** 

For the El Gallo and district satellite deposits, historical silver resources total **53.1 million ounces** in the Measured and Indicated categories and **31 million ounces** in the Inferred category for areas that have not currently been mined (El Gallo Complex Phase II Project, NI 43-101 Technical Report Feasibility Study, September 10, 2012, **Table 1**). Resources were calculated using a silver price of $28.50 per ounce and a gold price between $950 and $1,500 per ounce. This estimate is historical in nature; a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and should therefore not be relied on or considered as current. The Company will be updating the resource estimates for El Gallo in 2026, based on the currently known resource areas.

**About McEwen**

McEwen shares trade on both the **NYSE** and **TSX** under the ticker **MUX**.

McEwen provides its shareholders with exposure to a growing base of **gold** and **silver** production in addition to a very large **copper** development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its El Gallo gold and silver mine in Mexico.

![](tm2534273d1_ex99-1img02.jpg)

*Page 1*

![](tm2534273d1_ex99-1img03.jpg)

The Company has a 46.4% interest in McEwen Copper, which owns the **large, long-life, advanced-stage Los Azules copper development project** in San Juan province, Argentina – a region that hosts some of the country's largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is **US$456 million**.

The Los Azules copper project is designed to be one of the world's **first regenerative copper mines and carbon neutral by 2038**. Its Feasibility Study results were announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of **Paragon Advanced Labs Inc.**, a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and Chief Owner **Rob McEwen** has invested **over US$200 million personally** and takes a salary of **$1 per year**, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value and eventually implement a dividend policy, as he did while building Goldcorp Inc.

**Technical Disclosure**

Technical information pertaining to historical resources contained in this press release has been reviewed and approved by Luke Willis, P.Geo, Director of Resource Modelling for McEwen Inc., who is a Qualified Person (QP) as defined by SEC S-K 1300 and Canadian Securities Administrators' National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Technical information pertaining to production details and capital estimates presented in this press release have been reviewed and approved by Channa Kumarage, P.Eng, Director of Technical Services for McEwen Inc., who is a Qualified Person (QP) as defined by SEC S-K 1300 and Canadian Securities Administrators' National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

**CAUTION CONCERNING FORWARD-LOOKING STATEMENTS**

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

*The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.*

![](tm2534273d1_ex99-1img02.jpg)

*Page 2*

![](tm2534273d1_ex99-1img03.jpg)

**Want News Fast?**<br>Subscribe to our email list:<br> **<u>https://www.mcewenmining.com/contact-us/#section=followUs</u>**<u> </u><br>and receive news as it happens!!<br>

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| | | | |
|:---|:---|:---|:---|
| ***WEB SITE*** | ***SOCIAL MEDIA*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>www.mcewenmining.com</u> | **McEwen** | Facebook: | <u>facebook.com/mceweninc</u> |
|  | **McEwen** | LinkedIn: | <u>linkedin.com/company/mceweninc</u> |
| ***CONTACT INFORMATION*** | **McEwen** | X: | <u>X.com/mceweninc</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*150 King Street West* | **McEwen** | Instagram: | <u>instagram.com/mceweninc</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Suite 2800, PO Box 24* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Toronto, ON, Canada* | **McEwen Copper** | Facebook: | <u>facebook.com/ mcewencopper</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*M5H 1J9* | **McEwen Copper** | LinkedIn: | <u>linkedin.com/company/mcewencopper</u> |
|  | **McEwen Copper** | X: | <u>X.com/mcewencopper</u> |
| ***Relationship with Investors:*** | **McEwen Copper** | Instagram: | <u>instagram.com/mcewencopper</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866)-441-0690 - Toll free line |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647)-258-0395 | **Rob McEwen** | Facebook: | <u>facebook.com/mcewenrob</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mihaela Iancu ext. 320 | **Rob McEwen** | LinkedIn: | <u>linkedin.com/in/robert-mcewen-646ab24</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>info@mcewenmining.com</u> | **Rob McEwen** | X: | <u>X.com/robmcewenmux</u> |

---

![](tm2534273d1_ex99-1img02.jpg)

*Page 3*

![](tm2534273d1_ex99-1img03.jpg)

**Table 1. Historical Resource Estimate - El Gallo Complex Phase II Project Feasibility Study, Sep. 10, 2012**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Resource** | <br> **Category** | <br> **Tonnage**<br> ('000<br> tonnes)<br>| <br> **Silver** <br> (oz) | <br> **Silver** <br> **Grade**<br> (gpt)<br>| <br> **Gold** <br> (oz) | <br> **Gold** <br> **Grade**<br> (gpt) |
| &nbsp;&nbsp; **El Gallo**<br> (Cut-off Grade 12 gpt Ag)<br>| Measured<br> Indicated<br> Inferred | 17134<br> 2356<br> 6072 | &nbsp;&nbsp;&nbsp; 35966692<br> 3307711<br> 4564947 | 65.3<br> 43.7<br> 23.4 | 28937<br> 2286<br> 3539 | 0.05<br> 0.03<br> 0.02 |
| &nbsp;&nbsp; **Magistral**<br> (Cutoff Grade 0.30 gpt Au)<br>| Measured<br> Indicated<br> Inferred | 6692<br> 3435<br> 223 | -<br> -<br> - | -<br> -<br> - | 354887<br> 147580<br> 8167 | 1.59<br> 1.34<br> 1.14 |
| &nbsp;&nbsp; **Palmarito**<br> (Cut-off Grade 30 gpt Ag Eq.)<br>| Measured<br> Indicated<br> Inferred | 4069<br> 129<br> 10302 | 12045234<br> 219948<br> 15562152 | 92.1<br> 53.2<br> 47.0 | 30089<br> 794<br> 74991 | 0.23<br> 0.19<br> 0.23 |
| &nbsp;&nbsp; **Palmarito Tailings**<br> (Cut-off Grade 44 gpt Ag Eq.) | Measured | 147 | 763761 | 162.0 | 638 | 0.14 |
| &nbsp;&nbsp; **Palmarito Dumps**<br> (Cut-off Grade 26 gpt Ag Eq.) | Indicated | 145 | 805556 | 172.5 | 1298 | 0.28 |
| &nbsp;&nbsp; **Chapotillo**<br> (Cut-off Grade 0.44 gpt Au Eq.) | Inferred | 1475 | 1740941 | 36.7 | 21905 | 0.46 |
| &nbsp;&nbsp; **Haciendita**<br> (Cut-off Grade 0.44 gpt Au Eq.) | Inferred | 1649 | 1244510 | 23.5 | 42083 | 0.79 |
| &nbsp;&nbsp; **Mina Grande**<br> (Cut-off Grade 0.44 gpt Au Eq.) | Inferred | 3801 | 2883040 | 23.6 | 74179 | 0.61 |
| &nbsp;&nbsp; **Mina Grande Tailings**<br> (Cut-off Grade 0.58 gpt Au Eq.) | Inferred | 463 | 804333 | 54.1 | 7523 | 0.51 |
| &nbsp;&nbsp; **San Dimas**<br> (Cut-off Grade 0.41 gpt Au Eq.) | Inferred | 846 | 576580 | 21.2 | 19325 | 0.71 |
| &nbsp;&nbsp; **Los Mautos**<br> (Cut-off Grade 24 gpt Ag Eq.) | Inferred | 965 | 1323642 | 42.7 | 3637 | 0.12 |
| &nbsp;&nbsp; **San Jose del Alamo**<br> (Cut-off Grade 0.38 gpt Au Eq.) | Inferred | 501 | 35539 | 2.2 | 13162 | 0.82 |
| &nbsp;&nbsp; **Las Milpas**<br> (Cut-off Grade 24 gpt Ag Eq.) | Inferred | 678 | 964316 | 44.2 | 1724 | 0.08 |
| &nbsp;&nbsp; **CSX**<br> (Cut-off Grade 27 gpt Ag Eq.) | Inferred | 672 | 1262048 | 58.4 | 846 | 0.04 |

---

![](tm2534273d1_ex99-1img02.jpg)

*Page 4*

![](tm2534273d1_ex99-1img03.jpg)

***Notes:***

· *Mineral resources are not mineral reserves and do not have demonstrated economic viability.* 

· *CIM definitions were followed for the estimation of mineral resources.* 

· *All figures were rounded to reflect the relative accuracy of the estimates.* 

· *Open Pit constrained resources were established using the following parameters which were considered appropriate in 2012:* 

o *Metal prices of US$28.50/ounce silver and between US$950-US$1500/ounce gold* 

o *Mining costs of US$1.75/tonne ore and US$1.65/tonne waste* 

o *Heap leach recovery assumptions of 60% silver and 60% gold* 

o *Processing costs of US$18.50/tonne milled and US$6.50/tonne (Ag) and US$13.20/tonne (Au) heap leached* 

o *Milling recovery assumptions of 85% silver and 75% gold.* 

· *Since 2012, resources listed under Magistral have mostly been mined, crushed, processed and recovered via conventional leaching on the heap leach pad at El Gallo.* 

· *Palmarito Dump material has also been crushed and placed on the leach pad at El Gallo since the publication of this resource estimate.*![](tm2534273d1_ex99-1img02.jpg)

*Page 5*