# EDGAR Filing Document

**Accession Number:** 0000314203
**File Stem:** 0001104659-26-005103
**Filing Date:** 2026-1
**Character Count:** 43275
**Document Hash:** f88da9e0f326d0765a41a4751e07af43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-005103.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001104659-26-005103

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260113

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**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:** 26543524

**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; **January 13, 2026** |

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**McEWEN INC.**

(Exact name of registrant as specified in its charter)

---

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

---

---

| | |
|:---|:---|
| **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) |

---

---

| | |
|:---|:---|
| 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 |

---

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.** |

---

On January 13, 2026, McEwen Inc. (the "Company") issued a press release announcing the results from the Tartan Mine Project. A copy of the press release is furnished with this report as Exhibit 99.1. Investors and other interested parties are encouraged to read in its entirety the press release because it contains important information not otherwise described herein.

On January 20, 2026, the Company also announced the year-end 2025 mineral resource estimate for the Grey Fox Project. A copy of the press release is furnished with this report as Exhibit 99.2. 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 exhibits, 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 9.01** | **Financial Statements and Exhibits.** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[99.1](tm263643d1_ex99-1.htm) | &nbsp;&nbsp;[Press Release, dated January 13, 2026](tm263643d1_ex99-1.htm) |
| &nbsp;&nbsp;[99.2](tm263643d1_ex99-2.htm) | &nbsp;&nbsp;[Press Release, dated January 20, 2026](tm263643d1_ex99-2.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;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, the 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 the 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 the press release, which speak only as of the date 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 the 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: January 20, 2026 | By: | /s/ *Carmen Diges* |
|  |  | Carmen Diges, General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm263643d1_ex99-1img001.jpg)

**Step-Out Drilling At McEwen's Newly Acquired Tartan Mine Project**

**Returns Meaningful Results Along *Western Flank***

**7.5 gpt Gold Over 18.9 Metres**

**Toronto, January 13, 2026** – **McEwen Inc.** (**NYSE/TSX: MUX**) ("McEwen" or the "Company") is pleased to announce the final drill results to be included in the upcoming Mineral Resource Estimate for the Tartan Mine Project, near Flin Flon, Manitoba (**Fig. 1**). McEwen completed the acquisition of Tartan on January 5, 2026, through the purchase of Canadian Gold Corp. The updated Mineral Resource Estimate is expected to be released by the end of February and will be used to develop future plans as the Company targets doubling production by 2030. Highlights from the recent results include an intercept of ***7.5 gpt gold over 18.9 metres***. This expands the gold mineralization along the *Western Flank* beyond the previous result reported by Canadian Gold Corp., which returned ***12.3 gpt gold over 14.0 metres*** (press release dated November 27, 2025). There appears to be excellent potential to further expand the size of the Tartan resource as the Main Zone is widening at depth while encountering similarly high gold grades (**Fig. 3**).

**Western Flank at Tartan Mine Becoming Increasingly Important**

The *Western Flank* at the Tartan Mine Project is located at the current western edge of the Main Zone (**Fig. 2 & 3**). It has been the primary focus of exploration during the past six months and has returned several notable drill intercepts, including today's result of ***7.5 gpt gold over 18.9 metres*** and intercepts released in late 2025, *12.3 gpt gold over 14.0 metres* and *8.2 gpt gold over 9.9 metres* (**Fig. 3**).

The objective of the ongoing drilling is to increase the number of ounces per vertical metre, which could allow for higher annual gold production in a potential mine restart while driving economies of scale to lower production and development costs. This objective is being achieved, driven by the success along the Western Flank that shows the strike length of the Main Zone having expanded from 100 metres near surface to approximately 150 metres at depth (**Fig. 3**). Two additional drill results along the *Western Flank* returned ***6.6 gpt gold over 7.0 metres*** and ***4.9 gpt gold over 7.9 metres***. These results have expanded the gold mineralization approximately 30 metres further to the west, over a vertical distance of 80 metres (**Fig. 3**) (From 520 to 600 metres below surface).

**Additional High Priority Exploration Targets at Tartan**

The Company is currently budgeting $3 million for exploration at Tartan in 2026 and plans to increase this total if strong results continue to be delivered throughout Q1. In addition to expanding resources to the west, good opportunities remain in the following areas: 1) Eastern Flank of the Main Zone, 2) At depth within the Main Zone, 3) South Zone (parallel to the Main Zone), and 4) Regionally along the Tartan Lake Shear Zone (**Fig. 1, 2 & 3**). Since drilling was restarted by Canadian Gold in 2023, 35 of the 39 drill holes (approximately 90%) have successfully intersected what the Company believes to be potentially economic mineralization at the Main Zone.

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 1*

![](tm263643d1_ex99-1img003.jpg)

**Tartan Mine History**

The Tartan Mine is located approximately 12 km northeast of Flin Flon, Manitoba within the Flin Flon Greenstone Belt (**Fig. 1**). Early exploration began in the 1920s, with construction of the Tartan Mine in the mid-1980s. Mining began in 1987 with a 250 tonne per day mill, which was further expanded to 500 tonnes per day. The mine produced approximately 47,000 ounces of gold before shutting down due to a decline in the gold price and mechanical challenges. The last NI 43-101 resource estimate was published in 2017 by Satori Resources Inc. (which became Canadian Gold Corp.) and showed Indicated resources of 240,000 ounces gold (1,180,000 tonnes at 6.32 gpt gold) and Inferred resources of 37,000 ounces gold (240,000 tonnes at 4.89 gpt gold) using a 3.0 gpt gold cut-off.

**Why It Matters to Our Shareholders & the Value of Our Company**

Tartan is an increasingly rare high-grade gold project in Canada that has had limited exploration between 1989 and 2023. We believe the recent results, combined with our planned investment into exploration, will allow Tartan to become one of the Company's key growth drivers as we move towards our goal of doubling production by 2030. Tartan has the potential to become a lower cost, long-life mine. This year will be important as we publish the updated Mineral Resource Estimate and advance engineering and permitting to move towards a production decision. By leveraging existing mine infrastructure and the high-grade gold at Tartan, the Company aims to keep capital costs low and develop the mine in phases.

**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, Flin Flon in Manitoba and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.

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 <u>press release dated October 7, 2025</u>.

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.

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 2*

![](tm263643d1_ex99-1img003.jpg)

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.

**Qualified Person**

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.

**Technical Disclosure**

The drill core samples were collected by Canadian Gold Corp. as described in this news release were transported in secure sealed bags for preparation and assay by Paragon Geochemical in Surrey, BC. The drill core samples reported are NQ size ½ core samples crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and analysed for gold by PhotonAssay.

**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.

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 3*

![](tm263643d1_ex99-1img003.jpg)

*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.* 

 

**Want News Fast?**

Subscribe to our email list:<br> **<u>https://www.mcewenmining.com/contact-us/#section=followUs</u>** 

and receive news as it happens!!

---

| | | | |
|:---|:---|:---|:---|
| ***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> |

---

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 4*

![](tm263643d1_ex99-1img003.jpg)

**Table 1. Drill Hole Result Highlights**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp; **To**<br> **(m)** | &nbsp;&nbsp;**Vertical Depth<br> (m)** | &nbsp;&nbsp;**Interval<sup>1</sup><br> (m)** | &nbsp;&nbsp; **Gold**<br> **(gpt)** | &nbsp;&nbsp;**Zone** |
| &nbsp;&nbsp;TLMZ25-50A | &nbsp;&nbsp;545.6 | &nbsp;&nbsp;553.5 | &nbsp;&nbsp;400 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;Main Zone |
| &nbsp;&nbsp;TLMZ25-51W1 | &nbsp;&nbsp;701.0 | &nbsp;&nbsp;708.0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;Main Zone |
| &nbsp;&nbsp;TLMZ25-51W2 | &nbsp;&nbsp;692.1 | &nbsp;&nbsp;700.0 | &nbsp;&nbsp;580 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;Main Zone |
| &nbsp;&nbsp;TLMZ25-51W3 | &nbsp;&nbsp;644.0 | &nbsp;&nbsp;656.0 | &nbsp;&nbsp;520 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;Main Zone |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;652.0 | &nbsp;&nbsp;654.0 |  | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;30.4 | &nbsp;&nbsp;Main Zone |

---

<sup>1</sup>Interval widths reported; true widths of the system are not yet known due to lack of drilling.

**Table 2. Drill Hole Information**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole** | &nbsp;&nbsp;**Hole Type** | &nbsp;&nbsp;**Wedge Depth<br> (m)** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp; **Length**<br> **(m)** | &nbsp;&nbsp;**Easting<br> (UTM)** | &nbsp;&nbsp;**Northing <br> (UTM)** |
| &nbsp;&nbsp;TLMZ25-50A | &nbsp;&nbsp;Surface | &nbsp;&nbsp;- | &nbsp;&nbsp;190 | &nbsp;&nbsp;-54 | &nbsp;&nbsp;599 | &nbsp;&nbsp;324474 | &nbsp;&nbsp;6082451 |
| &nbsp;&nbsp;TLMZ25-51W1 | &nbsp;&nbsp;Wedge | &nbsp;&nbsp;420 | &nbsp;&nbsp;217 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;728 | &nbsp;&nbsp;324450 | &nbsp;&nbsp;6082401 |
| &nbsp;&nbsp;TLMZ25-51W2 | &nbsp;&nbsp;Wedge | &nbsp;&nbsp;380 | &nbsp;&nbsp;217 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;728 | &nbsp;&nbsp;324450 | &nbsp;&nbsp;6082401 |
| &nbsp;&nbsp;TLMZ25-51W3 | &nbsp;&nbsp;Wedge | &nbsp;&nbsp;360 | &nbsp;&nbsp;217 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;728 | &nbsp;&nbsp;324450 | &nbsp;&nbsp;6082401 |

---

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 5*

![](tm263643d1_ex99-1img003.jpg)

![](tm263643d1_ex99-1img004.jpg)

**Figure 1**: Tartan Mine Location Relative to Flin Flon and Tartan Shear Location on McEwen Mineral Claims (Manitoba and Saskatchewan).

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 6*

![](tm263643d1_ex99-1img003.jpg)

![](tm263643d1_ex99-1img005.jpg)

**Figure 2**: Plan Map of Tartan Mine's Main and South Zones.

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 7*

![](tm263643d1_ex99-1img003.jpg)

![](tm263643d1_ex99-1img006.jpg)

**Figure 3:** Long Section of Tartan Mine's Main Zone.

![](tm263643d1_ex99-1img002.jpg)

*McEwen Inc.* *Page 8*

## Exhibit 99.2

**Exhibit 99.2**

![](tm263643d1_ex99-2img001.jpg)

**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**

TORONTO, January 20, 2026 – **McEwen Inc.** (**NYSE/TSX: MUX**) ("McEwen" or the "Company") is pleased to report its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project, part of the Fox Complex in Timmins, Ontario. The 2025 Mineral Resource Estimate at Grey Fox now totals **1.9 million Indicated gold ounces** and **436,000 Inferred gold ounces** (calculated using a US$3,000 per ounce gold price)**,** with good potential to increase the size of the resource through: **1)** The recently acquired adjacent Stroud Property that contains a historical resource (**Fig. 1**), **2)** New drill results received after the resource estimate cut-off date and **3)** Optimization of the mine and plant design. 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.

Grey Fox was previously envisioned as an underground project. The Company is now balancing both underground and open pit mining methods for calculating the Mineral Resource Estimate, consistent with the phased development mine plan that will be contained in the upcoming **Pre-Feasibility Study (PFS)**. The PFS is scheduled to be published in Q2 2026. This project approach will allow the Company to maximize long-term project value, while providing early access to high-return gold ounces through existing ramp and underground infrastructure (**Fig. 2**).

**Highlights of the 2025 Grey Fox Resource**

&nbsp;&nbsp;&nbsp;&nbsp;· **Indicated Resources:** 1,892,000 gold ounces
(19,474 **,** 000 tonnes @ 3.02 gpt gold)

&nbsp;&nbsp;&nbsp;&nbsp;· **Inferred Resources:** 436,000 gold ounces
(5,101,000 tonnes @ 2 **.** 66 gpt gold)

&nbsp;&nbsp;&nbsp;&nbsp;· **+23 *%* increase** in the Indicated
Resource versus Year-End 2024

&nbsp;&nbsp;&nbsp;&nbsp;· **Recently acquired Stroud Property** with
historical resource estimate of approx. 270,000 gold ounces, to be validated and incorporated in future updates (see Stroud Project section
below for more details on the historical resource)

&nbsp;&nbsp;&nbsp;&nbsp;· **New drill results received after resource cut-off,** including **10.1 gpt gold** over **5.8 meters** 

&nbsp;&nbsp;&nbsp;&nbsp;· **PFS to be released in Q2 2026**. The study
will look to accelerate underground mining using existing ramp and infrastructure, while maximizing the long-term value through the incorporation
of open pit mining

&nbsp;&nbsp;&nbsp;&nbsp;· **Potential to further expand and optimize open pit resources** with future land agreements

![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 1*

![](tm263643d1_ex99-2img003.jpg)

**Early Underground Mining at Grey Fox**

The team at McEwen has identified two areas at Grey Fox where underground mining could be accelerated: 1) Gibson Zone, located near existing underground infrastructure, and 2) Whiskey Jack, which contains higher-grade gold areas (**Fig. 1 & 2**).

**Gibson Zone** is near existing underground infrastructure, including a ramp and portal from surface and contains Indicated Resources of **393,000 gold ounces** (4.5 million tonnes @ 2.72 gpt gold) and Inferred Resources of **297,000 gold ounces** (3.6 million tonnes @ 2.59 gpt gold).

**Whiskey Jack**, while smaller, is the highest-grade zone at Grey Fox and contains Indicated Resources of **122,000 gold ounces** (735,000 tonnes @ 5.16 gpt gold) and Inferred Resources of **5,000 gold ounces** (27,000 tonnes @ 5.84 gpt gold).

Both zones present opportunities for accelerated mining and high returns on capital. The Company will be detailing these opportunities in its pending **PFS**.

**Open Pit Mining at Grey Fox**

The **PFS** will also consider open pit mining. Ahead of the release of this study, McEwen is reviewing several scenarios to develop a plan that balances production with initial capital requirements, long-term value maximization, along with scheduling and permitting. The 2025 Mineral Resource Estimate and pending **PFS** will only consider the open pit mineralization that can be accessed by limiting the pit size to the area contained within the Company's mineral claims (**Fig. 1**). Should the Company be able to reach an agreement with the adjacent owner and layback the open pit, there is an opportunity for additional resources to be included in future updates.

**Stroud Project** – **Adjacent to Grey Fox Resource**

The Stroud Project adjoins Grey Fox to the south and was acquired by McEwen in 2024 (**Fig. 1**). The project contains a historical, unpublished resource estimate of approximately **270,000 gold ounces**. This resource does not conform to NI 43-101 guidelines and should not be considered current. In 2025, the Company successfully completed over 6,000 meters of drilling at Stroud to verify the historical resource. The Company anticipates publishing a Mineral Resource Estimate for Stroud with the next resource update for the Fox Complex.

**Recent Drill Results Demonstrate Potential to Further Grow Resource**

Additional drill results, such as **10.1 gpt gold** over **5.8 meters** from drillhole *25GF-1597,* **5.2 gpt gold** over **5.4 meters** from drillhole *25GF-1599* and **23.8 gpt gold** over **1.6 meters** from drillhole *25GF-1605* (news release dated <u>September 2<sup>nd</sup>, 2025</u>), which were received after the cut-off for the 2025 Mineral Resource Estimate, highlight the potential to grow the resource with additional drilling. The Company is budgeting $5 to $10 million for drilling at Grey Fox in 2026.

![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 2*

![](tm263643d1_ex99-2img003.jpg)

**Fig. 1 Plan View Geology Map for the Fox Complex Eastern Properties, Which Includes Grey Fox**

![](tm263643d1_ex99-2img004.jpg)

**Table 1. 2025 Mineral Resource Estimate for the Grey Fox Deposit** (Variable Cut-off Grades)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Classification**<br>| **Quantity**<br> ('000 t) | **Gold Grade**<br> (g/t) | **Contained Gold**<br> (oz) |
| &nbsp;&nbsp;**Open Pit (OP): Cut-off Grade 0.4 g/t Au** | &nbsp;&nbsp;**Open Pit (OP): Cut-off Grade 0.4 g/t Au** | &nbsp;&nbsp;**Open Pit (OP): Cut-off Grade 0.4 g/t Au** | &nbsp;&nbsp;**Open Pit (OP): Cut-off Grade 0.4 g/t Au** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 4932 | 2.55 | 404000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inferred | 243 | 2.75 | 22000 |
| &nbsp;&nbsp;**Underground (UG): Cut-off Grade 1.35 g/t Au** | &nbsp;&nbsp;**Underground (UG): Cut-off Grade 1.35 g/t Au** | &nbsp;&nbsp;**Underground (UG): Cut-off Grade 1.35 g/t Au** | &nbsp;&nbsp;**Underground (UG): Cut-off Grade 1.35 g/t Au** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicated | 14541 | 3.18 | 1487000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inferred | 4858 | 2.65 | 415000 |
| &nbsp;&nbsp;**Total OP + UG** | &nbsp;&nbsp;**Total OP + UG** | &nbsp;&nbsp;**Total OP + UG** | &nbsp;&nbsp;**Total OP + UG** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indicated** | 19474 | 3.02 | 1892000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inferred** | 5101 | 2.66 | 436000 |

---

· *Effective date of the Mineral Resource estimate is 11 July 2025. The QP for the estimate is Mr. Carson Cybolsky, P.Geo., an employee of McEwen Inc.* 

· *Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability* 

· *Reasonable Prospects for Eventual Economic Extraction (RPEEE) were demonstrated using an optimized resource pit shell for the open pit portion and MSO stope shapes for the underground portion.*![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 3*

![](tm263643d1_ex99-2img003.jpg)

· *Mineral Resources are reported above economic cut-off grades of 0.4 g/t gold for the open-pit portion and 1.35 g/t gold for the assumed underground extraction methods and based on mining costs of $3.38/t (OP) and $67.72/t (UG), process cost of $30.77/t, G&A cost of $16.60/t, metallurgical recovery of 90%, variable royalty NSRs, dilution of 15 % (UG) and 8% (OP) and a gold price of US$3,000/oz.* 

· *Figures may not sum due to rounding.* 

**Fig. 2 Open Pit (Grey) and Underground Resources (Red), Including Historical Portal and Ramp (Blue)**

![](tm263643d1_ex99-2img005.jpg)

**Table 2. Grey Fox Resources: 2022 PEA, 2024 & 2025 Resource Comparison**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Classification** | &nbsp;&nbsp; **Quantity**<br> **('000 t)** | &nbsp;&nbsp; **Quantity**<br> **('000 t)** | &nbsp;&nbsp; **Quantity**<br> **('000 t)** | &nbsp;&nbsp; **Quantity**<br> **('000 t)** | &nbsp;&nbsp; **Grade**<br> **(gpt Au)** | &nbsp;&nbsp; **Grade**<br> **(gpt Au)** | &nbsp;&nbsp; **Grade**<br> **(gpt Au)** | &nbsp;&nbsp; **Grade**<br> **(gpt Au)** | &nbsp;&nbsp; **Contained Gold**<br> **('000 oz)** | &nbsp;&nbsp; **Contained Gold**<br> **('000 oz)** | &nbsp;&nbsp; **Contained Gold**<br> **('000 oz)** | &nbsp;&nbsp; **Contained Gold**<br> **('000 oz)** |
|  | **2022<br> PEA** | **2024<br> YE** | **2025<br> YE** | &nbsp;&nbsp;**2025 vs<br> 2024 %<br> Change** | **2022<br> PEA** | **2024<br> YE** | **2025<br> YE** | &nbsp;&nbsp;**2025 vs<br> 2024 %<br> Change** | **2022<br> PEA** | **2024<br> YE** | **2025<br> YE** | &nbsp;&nbsp;**2025 vs<br> 2024 %<br> Change** |
| **Indicated** | 7566 | 13135 | **19474** | +48% | 4.80 | 3.64 | **3.02** | -17% | 1168 | 1538 | **1892** | +23% |
| **Inferred** | 1685 | 4319 | **5101** | +18% | 4.35 | 3.30 | **2.66** | -19% | 236 | 458 | **436** | -5% |

---

![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 4*

![](tm263643d1_ex99-2img003.jpg)

Grey Fox is comprised of six gold zones (Gibson, Whiskey Jack, Contact, 147, 147 NE & Grey Fox South), ranging from approximately 25 meters to 800 meters below surface (see also the press release dated <u>February 3<sup>rd</sup>, 2025</u>). The decrease in resource grade reflects the lower cut-off due to higher gold prices and the incorporation of open pit mining. The slight decrease in Inferred resource ounces is the result of conversion to the Indicated category. Since the 2024 Mineral Resource Estimate<sup>(1)</sup> McEwen has completed over 64**,**000 meters of additional drilling.

<sup>(1)</sup> : For reference, the resource estimates cited in this press release were published as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 2017 Fox Complex Acquisition: "NI 43-101
Technical Report for the Black Fox Complex, Canada." - April 6, 2018

&nbsp;&nbsp;&nbsp;&nbsp;· 2022 PEA: "NI 43-101 Technical Report on
the Preliminary Economic Assessment of the Fox Complex, Ontario, Canada" - January 26, 2022

&nbsp;&nbsp;&nbsp;&nbsp;· 2024
 Resource: <u>Company 10-K 2024 Report</u> - March 18, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· 2025 Resource: this press release - January 20,
2026

**Technical Information**

Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., Exploration Manager for McEwen Ontario, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Technical information related to resource estimates in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen's Director of Resource Modelling, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Technical information related to mine planning and engineering in this news release has been reviewed and approved by Kevin Bromfield, P.Eng., McEwen's Project Director for Grey Fox, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

**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, Flin Flon in Manitoba and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold-silver El Gallo Mine in Mexico.

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**.

![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 5*

![](tm263643d1_ex99-2img003.jpg)

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 <u>dated October 7, 2025</u>.

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.

**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, are as at the date of this news release, and are 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.*

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*McEwen Inc.* *Page 6*

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*M5H 1J9* | **McEwen Copper** | LinkedIn: | <u>linkedin.com/company/mcewencopper</u> |
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| &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> |

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![](tm263643d1_ex99-2img002.jpg)

*McEwen Inc.* *Page 7*