# EDGAR Filing Document

**Accession Number:** 0000314203
**File Stem:** 0001104659-25-075735
**Filing Date:** 2025-8
**Character Count:** 41763
**Document Hash:** 23dd6a18570fb6ccf2e4150d145260e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-075735.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001104659-25-075735

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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:** 251199271

**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; **August 7, 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) |

---

---

| | |
|:---|:---|
| 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 2.02** | **Results of Operations and Financial Condition.** |

---

On August 7, 2025, McEwen Inc. (the "Company") issued a press release summarizing its second quarter and half year financial and operating results together with certain operation updates. A copy of that press release is furnished with this report as Exhibit 99.1.

The information furnished under this Item 2.02, 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.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

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

[99.1](tm2522962d1_ex99-1.htm) [Press release dated August 7, 2025](tm2522962d1_ex99-1.htm)

104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Cautionary Statement***

With the exception of historical matters, the matters discussed in the press release include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding future production and cost estimates, exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, future drilling results, metal prices, economic and market conditions, operating costs, receipt of permits, and receipt of working capital, as well as other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company's ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

**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: August 8, 2025 | By: | /s/ *Carmen Diges* |
|  |  | Carmen Diges, General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2522962d1_ex99-1sp1img01.jpg)

**McEwen Reports Q2 2025 Results:**

**Continuing Momentum to Double Gold and Silver Production by 2030**

**TORONTO, August 7, 2025 - McEwen Inc. (NYSE: MUX) (TSX: MUX)** ("McEwen", "MUX" or the "Company") today announced its second quarter (Q2) and half year (H1) results for the period ended June 30, 2025, along with a discussion of our upcoming near-term catalysts.

***"During H1 2025 we invested in development projects, including the proposed acquisition of Canadian Gold Corp., to position our company for operational growth. In addition, net income will be further improved with the publishing of the Los Azules Feasibility Study, as McEwen Copper will be able to capitalize the majority of the development costs going forward. Year-to-date, this expense was $15.6 million."***

***The higher gold price, while expected, had a welcome positive impact on our cash flow and net income,"*** *said Rob McEwen, CEO and Chief Owner.*

**Highlights of Q2 2025**

*Abbreviations used are defined in the Glossary at the end of this press release.*

---

| | |
|:---|:---|
| **Profitability** | Gross profit **$12.3M** vs $10.8M in Q2 2024, representing a **gross margin of 26%.**<br>Net income **$3.0M** or **$0.06 per share**, vs net loss of $13.0M or $0.26 per share in Q2 2024. |
| **Adjusted EBITDA** | Adjusted EBITDA **$17.3M** or **$0.32 per share** vs $7.2M or $0.15 per share in Q2 2024.<br>Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José mine. |
| **Revenue** | **$46.7M** from the sale of **14,549 GEOs** produced at our two 100%-owned operations, Fox Complex and Gold Bar, at an average realized gold price of **$3,298 per GEO**, vs revenue of $47.5M, generated from the sale of 20,630 GEOs at an average realized gold sale price of $2,355 per GEO in Q2 2024. |
| **June 30, 2025**<br>**Liquidity & Capital Resources**  | Cash and equivalents **$53.6M** vs $13.7M at June 30, 2024.<br>Marketable securities of **$16.0M** at June 30, 2025.<br>Working capital **$61.8M** vs negative $6.5M at December 31, 2024.<br>Debt principal outstanding **$130M** ($110.0M in convertible notes due 2030 and $20.0M under our term loan facility), vs $40.0 M debt at June 30, 2024.<br>The reported total debt of $125.8M reflects the debt principal of $130M, less debt issuance costs of $4.2M, which are amortized over the life of the debt, in accordance with accounting standards.<br>Based on the most recent financing of McEwen Copper at $30 per share, the implied market value of McEwen Copper is **$984.0M**. McEwen owns 46.4% of McEwen Copper. McEwen currently has 54,106,415 shares outstanding.<br>|

---

![](tm2522962d1_ex99-1sp1img03.jpg)

*McEwen Inc.* *Page 1*

![](tm2522962d1_ex99-1sp1img02.jpg)

---

| | |
|:---|:---|
| **Production & <br> Unit Costs** | Consolidated production, which includes our 100%-owned mines plus our attributable production from our 49%-owned San José mine, totaled **27,554 GEOs** vs 35,265 GEOs in Q2 2024.<br>Costs per GEO sold from our 100%-owned operations were **$1,906** in cash costs and **$2,120** in AISC, vs **$1,554** in cash costs and **$1,728** in AISC in Q2 2024.<br>Projected production increases in H2 2025 are expected to drive costs per GEO lower. |
| **Exploration & Development** | **$5.4M** invested in exploration programs at Grey Fox, Gold Bar, Lookout Mountain, and Windfall properties.<br>Fox Complex is advancing the Froome West discovery to production and the Stock mine ramp.<br>**$7.0M** invested by McEwen Copper in the Los Azules copper project in Q2 2025, representing our **46.4%** share of ongoing Feasibility Study costs. Once the Feasibility Study is published, the majority of future expenses at Los Azules will be capitalized and will no longer be included in the income statement of McEwen. |
| **Safety** | Zero lost-time incidents across 100%-owned sites. |
| ***"We are proud of the teams at Fox Complex and Gold Bar for upholding safety standards with zero lost-time incidents and for driving progress on critical development milestones,"*** *added William Shaver, Chief Operating Officer. **"These accomplishments reinforce our momentum and strengthen our path toward achieving our full-year guidance."*** | ***"We are proud of the teams at Fox Complex and Gold Bar for upholding safety standards with zero lost-time incidents and for driving progress on critical development milestones,"*** *added William Shaver, Chief Operating Officer. **"These accomplishments reinforce our momentum and strengthen our path toward achieving our full-year guidance."*** |
| **2025 Outlook** | Full-year production guidance reaffirmed at **120,000–140,000 GEOs**. |

---

**Looking Ahead – 7 Catalysts**

**Production goal of 250,000 to 300,000 GEOs consolidated by 2030**

&nbsp;&nbsp;&nbsp;&nbsp;· **Resource update for Windfall and Lookout Mountain** projects in Nevada, near our Gold Bar Mine. expected in Q4 2025. Permitting relating to production has been initiated.

&nbsp;&nbsp;&nbsp;&nbsp;· **Completing the acquisition of Canadian Gold Corp.** by early 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **Grey Fox Pre-feasibility Study** H1 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **Commencement of production at Stock Mine** by mid-2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **Potential future dividend from San José,** based on price environment and working capital.

&nbsp;&nbsp;&nbsp;&nbsp;· **Continuing exploration updates** across
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· Added driver - **Los Azules Feasibility Study** late Q3 2025.

![](tm2522962d1_ex99-1sp1img03.jpg)

*McEwen Inc.* *Page 2*

![](tm2522962d1_ex99-1sp1img02.jpg)

**<u>Individual Asset Performance – Production & Costs, Project Updates</u>**

*(See **Table 1** for Q2 2025 and H1 2025 production and costs, 2024 comparatives and 2025 guidance)*

**Gold Bar Mine, Nevada (100% owned)**

**Production and Costs**

&nbsp;&nbsp;&nbsp;&nbsp;· **8,406 GEOs** were produced.

&nbsp;&nbsp;&nbsp;&nbsp;· Costs per GEO sold were **$1,679 cash costs** and **$1,792 AISC**, both within 2025 guidance range. As accelerated stripping activity, initiated to take advantage of higher gold
prices, is nearing completion, we expect production to increase, and costs per GEO to decrease in H2.

&nbsp;&nbsp;&nbsp;&nbsp;· Annual Guidance for the year **40,000–45,000 GEOs** 

**Exploration**

&nbsp;&nbsp;&nbsp;&nbsp;· Spent **$1.2 million** at Gold Bar Mine to
extend the current mine life beyond 2029.

&nbsp;&nbsp;&nbsp;&nbsp;· Spent **$1.3 million** at Lookout Mountain
and Windfall projects, to advance them towards production.

**Fox Complex Mine, Ontario (100% owned)**

**Production and Costs**

&nbsp;&nbsp;&nbsp;&nbsp;· **5,429 GEOs** from mining in the lower-grade
zones at the bottom of the Froome mine.

&nbsp;&nbsp;&nbsp;&nbsp;· Costs per GEOs sold were **$2,212 cash costs** and **$2,563 AISC**. As output increases in H2 2025, costs per GEO sold are expected to decline.

&nbsp;&nbsp;&nbsp;&nbsp;· Annual Guidance for the year **30,000–35,000 GEOs.** 

**Exploration**

&nbsp;&nbsp;&nbsp;&nbsp;· Delineation drilling around Froome Mine led to
the discovery of new high-grade gold mineralization approx. 200 meters (650 feet) to the west, which is expected to extend the mine life
and supports continuing exploration of the area for potential resource expansion.

&nbsp;&nbsp;&nbsp;&nbsp;· Invested **$2.9 million** at Grey Fox's
Gibson Zone, completing **20,000 m (67,000 ft)** of drilling.

&nbsp;&nbsp;&nbsp;&nbsp;· **Notable Gold Assays** 

**Froome West**

Along the high-grade plunge: **36.0 g/t Au** over **10.0 m** and **9.3 g/t Au** over **7.8 m** (TW, drill hole *25PR-G424*)

Extending mineralization further West: **11.7 g/t Au** over **2.4 m** and **18.5 g/t Au** over **0.5 m** (TW, drill hole *25PR-G390*)

**Grey Fox**

**12.4 g/t Au** over **1.7 m** incl. **27.9 g/t Au** over **4.5 m** (TW, drill hole *25GF-1539*)

**6.2 g/t** Au over **7.8 m** incl. **4.4 g/t Au** over **16.0 m** (TW, drill hole *25GF-1537*)

Building on the resource size, currently at **1,538,000 gold ounces** @ **3.64 g/t Au** Indicated & **458,000 gold ounces** @ **3.30 g/t Au** Inferred.

**Development**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Invested **$5.6 million** on Stock ramp, having
completed the portal access; targeting commercial production by the middle of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Extended Froome mine life through the middle
of 2026 with the discovery of Froome West.

![](tm2522962d1_ex99-1sp1img03.jpg)

*McEwen Inc.* *Page 3*

![](tm2522962d1_ex99-1sp1img02.jpg)

**<u>San José Mine, Argentina (49% owned)</u>**

**Production and Costs**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Attributable production: **13,719 GEOs**,
down due to lower grades and recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Costs per GEO sold were **$2,310 cash costs** and **$2,842 AISC**, influenced by high inflation outpacing the devaluation of the Argentine peso and increased use of contractors.
Production growth in H2 is expected to reduce these costs closer to guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A **$2.2 million dividend** distribution was
received during H1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Building cash balances at San José mine,
reaching **$55.6 million** (100% basis) as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annual guidance of **50,000–60,000 GEOs**.

**McEwen Copper – Los Azules Project, Argentina (46.4% ownership and 1.25% NSR)**

**Projects Update**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Invested **$15.6 million** in Q2, advancing
towards publishing a **Feasibility Study in late Q3 2025**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Feasibility Study** progressing

- Cost estimates and hydrogeological modeling being completed to current market conditions.

- Engineering focusing on reducing upfront capital through layout and infrastructure optimization.

- Q3 2025 priorities: finalizing geotechnical inputs, completing the optimized mine schedule, life-of-mine production profile, capital and operating cost estimates, and the heap leach design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submitted **RIGI application** to secure significant
tax and regulatory benefits

- Application submitted on February 11, 2025

- On July 11, 2025, a revised application was submitted.

**Exploration & Development**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completed geotechnical, hydrogeological, and
condemnation drilling for the **Feasibility Study**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Finalizing updated resource model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploration has generated three other nearby
copper targets which will be drilled in late fall of 2025.

**Further Corporate Developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On July 2, 2025, the Company entered into
a milling agreement with Inventus Mining Corp. The agreement enables us to utilize excess milling capacity and reduce our cost per ounce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On July 27, 2025, the Company signed a binding
LOI to acquire Canadian Gold Corp., a strategic move to increase our resource base and future production in Manitoba, a mining friendly
part of Canada. Upon completion of the acquisition, the next steps are to update the current resource estimate, prepare a preliminary
economic assessment, and amend the mining permits associated with the Tartan Mine, so we can restart production quickly. During this process,
McEwen intends to continue exploration drilling at the Tartan Mine and the newly acquired high-grade gold properties to the west.

![](tm2522962d1_ex99-1sp1img03.jpg)

*McEwen Inc.* *Page 4*

![](tm2522962d1_ex99-1sp1img02.jpg)

**Management Conference Call**

Management will discuss our Q2 2025 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.

---

| | | |
|:---|:---|:---|
| **Thursday**<br> **August 7<sup>th</sup> 2025**<br> **at 11:00 AM EDT** | &nbsp;&nbsp;**Toll Free Dial-In North America:** | **(888) 210-3454** |
| **Thursday**<br> **August 7<sup>th</sup> 2025**<br> **at 11:00 AM EDT** | &nbsp;&nbsp;**Toll Dial-In:** | **(646) 960-0130** |
| **Thursday**<br> **August 7<sup>th</sup> 2025**<br> **at 11:00 AM EDT** | &nbsp;&nbsp;**Dial-In Other Countries:** | <u>https://events.q4irportal.com/custom/access/2324/</u> |
| **Thursday**<br> **August 7<sup>th</sup> 2025**<br> **at 11:00 AM EDT** | &nbsp;&nbsp;**Conference ID Number:** | **3232920** |
| **Thursday**<br> **August 7<sup>th</sup> 2025**<br> **at 11:00 AM EDT** | &nbsp;&nbsp;**Webcast Link:** | <u>https://events.q4inc.com/attendee/735940300/guest</u> |

---

An archived replay of the webcast will be available approximately 2 hours after the conclusion of the live event. Access the replay on the Company's media page at <u>https://www.mcewenmining.com/media</u>.

**Table 1. Q2 and H1 2025 Production and Costs, Comparatives from Q2 and H1 2024 and 2025 Guidance Range**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q2** | **Q2** | **H1** | **H1** | |
|  | 2024 | **2025** | 2024 | **2025** | **Full Year 2025**<br>**Guidance Range** |
| **Consolidated Production** |  |  |  |  |  |
| GEOs<sup>(2)</sup> | 35265 | **27554** | 68320 | **51685** | **120000–140000** |
| **Gold Bar Mine, Nevada** |  |  |  |  |  |
| GEOs | 12297 | **8406** | 24013 | **16094** | **40000–45000** |
| Cash Costs/GEO | $1532 | $**1679** | $1313 | $**1419** | $1500–$1700 |
| AISC/GEO | $1634 | $**1792** | $1404 | $**1986** | $1700–$1900 |
| **Fox Complex, Canada** |  |  |  |  |  |
| GEOs | 8297 | **5429** | 15782 | **10948** | **30000–35000** |
| Cash Costs/GEO | $1588 | $**2212** | $1572 | $**2142** | $1600–$1800 |
| AISC/GEO | $1874 | $**2563** | $1886 | $**2534** | $1700–$1900 |
| **San José Mine, Argentina (49%)**<sup>(3)</sup> |  |  |  |  |  |
| GEOs | 14672 | **13719** | 27605 | **24643** | **50000–60000** |
| Cash Costs/GEO | $1624 | $**2310** | $1615 | $**2428** | $1600–$1800 |
| AISC/GEO | $2032 | $**2842** | $1978 | $**2933** | $1900–$2100 |

---

**Notes:**

1. **Cash gross profit, cash costs per ounce, and all-in sustaining costs (AISC) per ounce, adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) and adjusted EBITDA per share** are non-GAAP financial performance
measures with no standardized definition under U.S. GAAP. For definitions of these non-GAAP measures, refer to the "Non-GAAP Financial
Measures" section in this press release. For reconciliations to the closest U.S. GAAP measures, see the Management Discussion and
Analysis for the quarter ended **June 30, 2025**, filed on **EDGAR** and **SEDAR Plus**.

2. **Gold Equivalent Ounces (GEOs)** are calculated using gold-to-silver price ratios: **99:1 for Q2 2025**, **81:1 for Q2 2024**, and **85:1 for 2025 production guidance**. H1 2024 consolidated production included 920 GEOs
recovered form tailings at El Gallo mine.

3. **San José Mine figures** represent the portion attributable to McEwen from its **49% interest** in the San José Mine.

**Glossary of Abbreviations**

---

| | | | |
|:---|:---|:---|:---|
| Au | – gold | LOI | – Letter of Intent |
| AISC | – all-in sustaining costs | M | – million |
| CW | – core width | m | – meter |
| ft | – foot | Q1 | – first quarter (January 1 - March 31) |
| GEO | – gold equivalent ounce | Q2 | – second quarter (April 1 - June 30) |
| g/t | – grams per tonne | Q3 | – third quarter (July 1 - September 30) |
| H1 | – first half (January 1 - June 30) | Q4 | – fourth quarter (October 1 - December 31) |
| H2 | – second half (July 1 - December 31) | TW | – true width |

---

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*McEwen Inc.* *Page 5*

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**CAUTIONARY NOTE REGARDING NON-GAAP MEASURES**

We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our US GAAP results and using the non-GAAP measures supplementally.

The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled "49% basis" were derived by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement ("OJVA") and varies depending on factors including the profitability of the operations.

The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include:

· The amounts shown on the individual line items
were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and
do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and

· Other companies in our industry may calculate
their cash cost per ounce and all-in sustaining costs differently than we do, limiting the usefulness as a comparative measure.

*Cash Costs and All-In Sustaining Costs*

The terms cash costs, cash cost per ounce, all-in sustaining costs ("AISC"), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.

Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding *gold equivalent ounces sold* to determine a per ounce amount.

All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:

· Sustaining operating costs represent expenditures
incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development
costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include costs of expanding
the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life.

· Sustaining exploration and development costs
include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing
production. Exploration activity performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining.

The sum of all-in sustaining costs is divided by the corresponding *gold equivalent ounces sold* to determine a per ounce amount.

Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items.

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*McEwen Inc.* *Page 6*

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The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  | **Gold Bar** | **Fox<br> Complex** | **Total** | **Gold Bar** | **Fox<br> Complex** | **Total** |
|  | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** |
| **Production costs applicable to sales (100% owned)** | $14020 | $13713 | $**27733** | $23113 | $24225 | $**47338** |
| &nbsp;&nbsp;&nbsp;In-mine exploration | 67 |  | **67** | 67 |  | **67** |
| &nbsp;&nbsp;&nbsp;Capitalized mine development (sustaining) |  | 2140 | **2140** | 7597 | 4478 | **12075** |
| &nbsp;&nbsp;&nbsp;Capital expenditures on plant and equipment (sustaining) | 870 |  | **870** | 1535 |  | **1535** |
| &nbsp;&nbsp;&nbsp;Sustaining leases | 9 | 32 | **41** | 22 | (43) | **(21)** |
| **All-in sustaining costs** | $14966 | $15885 | $**30851** | $32334 | $28660 | $**60994** |
| Ounces sold, including stream (GEO) | 8350 | 6199 | **14549** | 16285 | 11311 | **27596** |
| **Cash cost per ounce sold ($/GEO)** | $1679 | $2212 | $**1906** | $1419 | $2142 | $**1715** |
| **AISC per ounce sold ($/GEO)** | $1792 | $2563 | $**2120** | $1986 | $2534 | $**2210** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
|  | Gold Bar | Fox Complex | Total | Gold Bar | Fox Complex | Total |
|  | (in thousands, except per ounce) | (in thousands, except per ounce) | (in thousands, except per ounce) | (in thousands, except per ounce) | (in thousands, except per ounce) | (in thousands, except per ounce) |
| Production costs applicable to sales (100% owned) | $19170 | $12896 | $32066 | $32437 | $24739 | $57176 |
| &nbsp;&nbsp;&nbsp;In-mine exploration | 507 |  | 507 | 587 |  | 587 |
| &nbsp;&nbsp;&nbsp;Capitalized underground mine development (sustaining) |  | 2102 | 2102 |  | 4405 | 4405 |
| &nbsp;&nbsp;&nbsp;Capital expenditures on plant and equipment (sustaining) | 735 | 134 | 869 | 1594 | 271 | 1865 |
| &nbsp;&nbsp;&nbsp;Sustaining leases | 32 | 81 | 113 | 53 | 266 | 319 |
| All-in sustaining costs | $20444 | $15213 | $35657 | $34671 | $29681 | $64352 |
| Ounces sold, including stream (GEO) | 12510 | 8120 | 20630 | 24700 | 15734 | 40434 |
| Cash cost per ounce sold ($/GEO) | $1532 | $1588 | $1554 | $1313 | $1572 | $1414 |
| AISC per ounce sold ($/GEO) | $1634 | $1874 | $1728 | $1404 | $1886 | $1592 |

---

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*McEwen Inc.* *Page 7*

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** | **(in thousands, except per ounce)** |
| **San José mine cash costs (100% basis)** |  |  |  |  |
| **Production costs applicable to sales** | $**63603** | $48220 | $**120191** | $96105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine site reclamation, accretion and amortization | **136** | 361 | **203** | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site exploration expenses | **1825** | 1890 | **3155** | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized underground mine development (sustaining) | **9086** | 7049 | **17847** | 14380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation | **(658)** | (621) | **(1352)** | (1420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures (sustaining) | **4254** | 3443 | **5174** | 4643 |
| **All-in sustaining costs** | $**78246** | $60342 | $**145218** | $117694 |
| Ounces sold (GEO) | **27530** | 29699 | **49507** | 59501 |
| **Cash cost per ounce sold ($/GEO)** | $**2310** | $1624 | $**2428** | $1615 |
| **AISC per ounce sold ($/GEO)** | $**2842** | $2032 | $**2933** | $1978 |

---

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*McEwen Inc.* *Page 8*

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*Adjusted EBITDA and adjusted EBITDA per share*

Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a non-GAAP financial measure and does not have any standardized meaning. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José mine; we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our precious metal operations and capital activities separately from our copper exploration operations. The most directly comparable measure prepared in accordance with GAAP is net loss before income and mining taxes. Adjusted EBITDA is calculated by adding back McEwen Copper's income or loss impacts on our consolidated income or loss before income and mining taxes.

The following tables present a reconciliation of adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Income (loss) before income and mining taxes | $**1929** | $(15371) | $**(5420)** | $(38311) |
| Less: |  |  |  |  |
| Depreciation and depletion | **6853** | 4810 | **13024** | 15088 |
| Loss from investment in McEwen Copper Inc. (Note 9) | **6978** | 16816 | **15556** | 34828 |
| Interest expense | **1549** | 972 | **2858** | 1945 |
| Adjusted EBITDA | $**17309** | $7227 | $**26018** | $13550 |
| Weighted average shares outstanding (thousands) | **53968** | 49718 | **53623** | 49580 |
| Adjusted EBITDA per share | $**0.32** | $0.15 | $**0.49** | $0.27 |

---

**Technical Information**

The technical content of this news release related to financial results, mining and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Mining and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

**Reliability of Information Regarding San José**

The Company accounts for its investment in Minera Santa Cruz S.A., the owner of the San José Mine, using the equity method. The Company relies on the management of MSC to provide accurate financial information prepared in accordance with GAAP. While the Company is not aware of any errors or possible misstatements of the financial information provided by MSC, MSC is responsible for and has supplied to the Company all reported results from the San José Mine, and such results are unaudited as of the date of this release. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

**ABOUT MCEWEN**

McEwen provides its shareholders with exposure to gold, copper and silver in the Americas through three operating mines located in the USA, Canada and Argentina , as well as its large, advanced-stage copper development project in Argentina. The Company also owns a gold and silver mine currently on care and maintenance in Mexico. Its Los Azules copper project is designed to become one of the world's first regenerative copper mines, with a commitment to achieving carbon neutrality by 2038.

Rob McEwen, Chairman and Chief Owner, has personally invested US$205 million in the companies and takes a salary of $1/ year. He is a recipient of the Order of Canada and a member of the Canadian Mining Hall of Fame. His objective is to build shareholder value and establish a dividend, as he did while building Goldcorp Inc.

McEwen's shares are publicly traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under the symbol "MUX".

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*McEwen Inc.* *Page 9*

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**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.*<br>**Want News Fast?**<br> Subscribe to our email list by clicking here:<br> **<u>https://www.mcewenmining.com/contact-us/#section=followUs</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> |

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*McEwen Inc.* *Page 10*