Based on current gold and silver prices, McEwen believes that if mine operations meet guidance, the Company can self-fund its future production growth with limited share dilution. This will be a key driver behind growing our share price.
Strong Gold Prices Continue to Support Advancement of Key Projects:
Canada
In Canada, McEwen is advancing growth projects to increase production from 16,000 - 19,000 GEOs in 2026 to 105,000 - 120,000 GEOs by 2030. The Company will be developing these projects in a phased approach that is focused on initial capital requirements, IRR and the ability to execute successfully while prioritizing future growth through continued exploration success.
Stock Mine (Fox Complex, Timmins, Ontario) - Development continued on time and within budget during Q1. We invested $9.9 million into Stock during Q1 and $39.4 million since the start of underground development last year. Stock is expected to begin initial production in H2 2026, with commercial production set for 2027. This is expected to result in lower-cost gold production at the Fox Complex compared to current operations, due to a lower royalty burden, shorter haulage distances to the mill, and the benefits of processing softer material. Based on the current Mineral Resource Estimate, McEwen projects a six-year life at Stock, which is expected to increase as underground drilling advances to enhance resources throughout coming years.
Grey Fox (Fox Complex, Timmins, Ontario) - Work is now being finalized on the Pre-Feasibility Study ("PFS") that will be released in the coming months. The PFS will highlight the Company's ability to materially extend mine life at the Fox Complex, while using existing infrastructure. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000 - 90,000 GEOs by 2030.
Tartan Mine Project (Flin Flon, Manitoba) - During Q1 the Company delivered a Mineral Resource Estimate with underground Indicated Resources totalling 308,900 gold ounces (2,619,000 tonnes at 3.67 gpt Au) and Inferred Resources totalling 302,700 gold ounces (2,832,900 tonnes at 3.32 gpt Au). The Company is reviewing existing environmental licenses, planning additional metallurgical testing, beginning underground mine designs, and potential equipment purchases as part of its plan to restart production within the existing permits. McEwen expects initial annual production at Tartan to average approximately 30,000 GEOs, with the potential to expand output through future permit modifications. The Company believes doubling the throughput from 500 tonnes per day (tpd) to 1,000 tpd could see production grow to 45,000 - 55,000 GEOs per year.
USA
In Nevada, McEwen is forecasting that production will more than double from 39,000 - 43,000 GEOs in 2026 to 90,000 - 110,000 GEOs by 2030, driven by production from Lookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex and management will look to leverage the current infrastructure at site.
Windfall, Lookout Mountain and Trinity Ridge (Gold Bar Mine Complex) - Gold Bar's transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate. Windfall shows open-pit Indicated Resources of 227,500 gold ounces (9,402,800 tonnes at 0.75 gpt Au) and Inferred Resources of 127,800 gold ounces (2,596,400 tonnes at 1.53 gpt Au). Currently, 100% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods being used at the Gold Bar Mine. The global Resources and Reserves for the Gold Bar Mine Complex are the combined Mineral Resources and Reserves for Gold Bar Mine, Lookout Mountain and Windfall, which now total Indicated Resources of 792,000 gold ounces (38,602,800 tonnes @ 0.64 gpt Au) and Inferred Resources of 281,000 gold ounces (11,256,200 tonnes @ 0.78 gpt Au). This is in addition to Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au). Trinity Ridge is the next deposit where a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex and will look at merging the smaller existing Gold Bar Mine open pits into one enlarged pit that will capture a meaningful amount of gold mineralization that has not been included in the current Mineral Resource Estimate. Currently, 60% of the planned drilling at Trinity Ridge has been completed and a Mineral Resource update is expected by early 2027.
McEwen has completed its acquisition of Golden Lake Resources Inc. Golden Lake's Jewel Ridge and Jewel Ridge West projects adjoin McEwen's Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resources at the Gold Bar Mine Complex and to increase mine life.
Mexico
In Mexico, McEwen is forecasting 20,000 GEOs production per year starting mid-2027.
El Gallo - The Company continues to target Phase 1 production starting mid-2027. Detailed engineering is well advanced, with construction of the mill expected to begin in early Q3. Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. The Company is exploring opportunities within its land package that would require minimal capital to see the life of Phase 1 extended. Permit approval for Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 - 50,000 GEOs (based on 77:1 silver to gold ratio) due to higher grades being processed. The Company is currently updating the Mineral Resource Estimate to include all resources around the proposed mill site, which will be released in Q3.
Argentina
San José Mine - The operation is benefiting from the recently completed process plant expansion and higher mining rates, resulting in increased production and lower costs. At current gold and silver prices, San José is expected to be an important source of capital that the Company will use to expand production at its other sites. Production attributable to McEwen's 49% interest is targeted at 60,000 - 70,000 GEOs per year (based on a 77:1 silver-to-gold ratio). The Company anticipates receiving $40 - $50M from San José in 2026.
McEwen Copper McEwen owns a 46.3% equity stake in McEwen Copper and a 1.25% NSR royalty on McEwen Copper's Los Azules copper project. The royalty is projected to generate pre-tax $520.5 million at recent copper spot price of $5.80/lb and $389.5 million at the feasibility study's base-case copper price of $4.35/lb over the 22-year mine life. There is potential to extend the life of Los Azules by an additional 33 years. Los Azules advanced significantly in 2025, completing two foundational milestones: approval of its application under Argentina's RIGI (Large Investment Incentive Regime), securing 30 years of legal, fiscal, and customs stability; and publication of a Feasibility Study confirming robust project economics, with initial 5-year average production of 205 ktpa of copper cathodes at $1.71/lb C1 cash cost over a 22-year mine life and identified upside potential to extend mine life for an additional 33 years adding an average of 141ktpa Cu per annum. Following the Feasibility Study, project costs began to be capitalized in late Q3 2025 under U.S. GAAP. The 2026 objective is to advance the project toward a Final Investment Decision targeted for year-end 2026, with construction targeted to commence in early 2027, and production in 2030, subject to project financing and customary approvals.
Highlights of Q1 2026
Abbreviations used are defined in the Glossary at the end of this press release.
Revenue
Q1 2026 revenue increased by 107% to $74.0M from the sale of 15,752 GEOs, vs revenue of $35.7M from the sale of 13,036 GEOs in Q1 2025. The average realized gold sale price per GEO was $4,792 in Q1, 71% higher than $2,803 in Q1 2025. Our 49% ownership in the San José mine is excluded from our revenue numbers due to accounting policies under U.S. GAAP.
Profitability
Q1 2026 gross profit was $31.5M, compared with $10.1M in Q1 2025. Gross margins were positively impacted by increased production and higher gold prices. Q1 2026 net income was $33.4M or $0.56 per share, compared with a net loss of $6.3M or $0.12 per share in Q1 2025.
Adjusted EBITDA
Q1 2026 adjusted EBITDA increased to $44.8M or $0.76 per share, compared with $8.7M or $0.16 per share in Q1 2025. Adjusted EBITDA is calculated by adding back our portion of McEwen Copper's results to our consolidated income or loss before financing costs, depreciation, and 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.
Liquidity & Capital Resources at March 31, 2026
Cash and equivalents increased to $56.5M, compared with $51.0M at December 31, 2025. The value of marketable securities decreased to $13.5M, compared with $21.1M at December 31, 2025. The main reason for the decrease is due to McEwen having acquired 100% of Canadian Gold Corp., which had a market value of $5.6M at December 31, 2025. On December 9, 2025, the Company acquired a 27.3% interest in Paragon Advanced Labs, at a cost basis of $13.7M. As of March 31, 2026, the fair value of the investment was $20.4M. As of March 31, 2026, McEwen has loaned $13.6M to McEwen Copper. The most recent financing of McEwen Copper at $30 per share on October 24, 2024 implies a full market value of $987.5M. Based on this valuation, McEwen's 46.3% ownership of McEwen Copper has an implied market value of $457M or $7.65 per MUX share (based on McEwen's shares outstanding as of the date of this press release). Since that financing, the project has seen significant development and derisking with the RIGI approval, the completion of the feasibility study, and is now preparing for a Final Investment Decision. Debt principal outstanding remained unchanged at $130.0M ($110.0M in convertible notes due 2030 and $20.0M under our term loan facility). The reported total debt of $126.4M reflects the debt principal of $130.0M, less debt issuance costs of $3.6M, which are amortized over the life of the debt, in accordance with U.S. GAAP. McEwen had 59.2M shares outstanding on March 31, 2026, compared with 55.5M shares on December 31, 2025, mainly due to the shares issued in connection with the acquisition of Canadian Gold Corp.
San José Mine Performance
14,582 GEOs were produced in Q1 and were 33% higher than in Q1 2025. Strong production continued from Q4 2025 and was the result of increased plant capacity and mining rates. Given the strong production in Q1, production costs per GEO sold were $2,365 for cash costs and $2,704 for AISC, a decrease of 8% and 11%, respectively, compared with Q1 2025. In February, McEwen received an $8.8 M dividend from the San José Mine. Gowing forward, San José intends to pay out 90% of the mine's cash flow to the partners. At March 31, 2026, the San José Mine held a cash balance of $217.1M versus $151.8M on December 31, 2025, on a 100% basis. At current gold and silver prices, the Company anticipates receiving $40-$50M in dividend payments from San José in 2026.
Gold Bar Performance
7,884 GEOs were produced from the Gold Bar Complex in Q1. Costs were higher than Q1 2025 due to 1) lower mined grades, and 2) increased mining of non-mineralized material. Both factors were anticipated and incorporated into our 2026 planning, and Gold Bar is on track to meet 2026 production and cost guidance. Costs per GEO sold in Q1 were $2,460 for cash costs and $2,705 for AISC.
Fox Complex Performance
5,784 GEOs were produced in Q1. Costs per GEO sold in Q1 were $2,365 for cash costs and $3,148 for AISC. AISC costs were higher compared to prior quarters due to development work completed on the lower levels of Froome West to create access to new mining areas later in the year. This accounted for $778 of the AISC per ounce during the quarter. These costs are expected to trend down through 2026 as required development is completed.
Exploration & Development
$5.5M was invested during Q1 in exploration, compared with $3.7M in Q1 2025. For the full year, the Company is planning to invest $22.2M across its portfolio. Recent exploration highlights are detailed in their respective sections in this news release. $16.5M was invested by McEwen Copper in the Los Azules copper project in Q1, representing our 46.3% share of costs to advance detailed engineering in preparation of a final investment decision, compared with $18.5M in Q1 2025. As a Mineral Reserve statement with an effective date of September 3, 2025 was published, eligible development costs are now capitalized and will no longer be included in McEwen's income statement under U.S. GAAP.
Health & Safety
On April 3, a contractor working for McEwen Copper at the Los Azules project in Argentina died during road construction when their bulldozer overturned. A full investigation at Los Azules is underway. A second fatality occurred on April 6, at the Gold Bar Mine, where a contractor passed away due to natural causes. The Company is deeply saddened by these events and extends sincere condolences to the families, friends and colleagues affected by these losses.
2026 Production & Unit Costs Outlook
Full-year 2026 production guidance remains between 114,000 - 126,000 GEOs, including our attributable production from our 49%-owned San José mine and assuming a 77:1 silver-to-gold ratio. Our production guidance does not include early pre-commercial production from the Stock mine. Cost per ounce guidance range remains unchanged, at $2,100 to $2,300 for cash costs, and $2,400 to $2,600 for AISC.
Mineral Resource & Exploration Update
Gold Bar Mine Complex, Nevada (100% owned)
Update to Mineral Resource Estimate at Gold Bar
The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge, which envisions merging and enlarging several of the current open pits to access gold mineralization outside the current mine plan. McEwen believes that integrating these areas has the potential to transform the Gold Bar Mine Complex into a long-life asset. The Company released a Mineral Resource Estimate for Lookout Mountain with the 2025 year-end financial statements and is now pleased to release a Mineral Resource Estimate for the Windfall deposit located approximately 3 miles (5 km) NE of Lookout Mountain. The Windfall MRE is shown below:
Table 1. Windfall Mineral Resource Estimate - Open Pit Au Cut-off Grade: 0.005 oz/ton oxide
Classification
Quantity('000 tonnes)
Gold Grade(gpt)
Contained Gold(oz)
Gold Bar Mine Complex: Windfall
Indicated
9,402.8
0.75
227,500
Inferred
2,596.4
1.53
127,800
Notes to Table 1:
Effective date of the Mineral Resource estimate is 11 February 2026. The QP for the estimate is Mr. Michael Baumann SME-RM, CPG, an employee of McEwen Inc.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Resources are potentially amenable to open pit mining methods and demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE) using an optimized resource pit shell above an economic cut-off grade of 0.005 oz/ton gold for oxidized material. Cut-off grades are based on the following costs and parameters: mining costs of U$3.89/ton (mineralized) and U$2.81/ton (waste), heap leach process cost of U$4.93/ton, NSR royalty of 5%, metallurgical recoveries of 78% (oxide), and a gold price of US$3,000/oz.
Figures may not sum due to rounding.
Table 2. Gold Bar Mine Complex Mineral Resource and Reserve Estimates Updated
Reserves
Resources
Probable
Indicated
Inferred
Quantity(‘000 tonnes)
GoldGrade(gpt)
ContainedGold (oz)
Quantity(‘000tonnes)
GoldGrade(gpt)
ContainedGold (oz)
Quantity(‘000 tonnes)
GoldGrade(gpt)
Contained Gold(oz)
Gold Bar Mine
8,624
0.61
168,000
9,630
0.52
162,200
1,368
0.43
19,000
Lookout Mountain
-
-
-
19,570
0.64
402,300
7,292
0.57
134,200
Windfall
-
-
-
9,403
0.75
227,500
2,596
1.53
127,800
Total
8,624
0.61
168,000
38,603
0.64
792,000
11,256
0.78
281,000
Note to Table 2: Reserves are as of December 31, 2025; Gold Bar and Lookout Resources are as of December 31, 2025; Windfall Resource as of February 11, 2026.
A Mineral Resource Estimate for Trinity Ridge will be completed separately and released early 2027. Notably, Trinity Ridge lies within the current Plan of Operations for mining activities at the Gold Bar Mine Complex and Windfall is located on private land, which should allow for an accelerated permitting process.
Exploration at Gold Bar
Over the past nine months, drilling at the northern end of the Windfall deposit has been returning good gold grades over long widths. The results highlighted below were received after the effective cut-off date for the Windfall Mineral Resource Estimate. It is also important to note that the results from Windfall continue to show oxide mineralization that could potentially be processed using the same heap leaching technology currently used at the Gold Bar Mine, with McEwen looking to utilize the existing mine infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced.
Windfall (Fig. 1 and Fig. 2) (RCW = Reverse Circulation Width)
9.8 gpt gold over 24.4 meters (RCW) in drillhole WF181
0.9 gpt gold over 25.9 meters (RCW) in drillhole WF181 (Both intercepts show the zone is open to the northwest)
Fig. 1. Plan View of Recent Windfall Drilling
Fig. 2. Windfall Cross Section ...
