McEwen posts Q2 net income of $9.6M ($0.16/share) vs. $3.0M ($0.06/share) year-ago

TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced its second quarter financial results for the period ended June 30, 2026 (Q2). In addition, the Company is providing an update on its development projects that are forecasted to increase annual production to 250 , 000 – 300,000 GEOs by 2030 and new exploration results that have intersected very encouraging high grades at the Grey Fox Project, part of the Fox Complex ( 97.7 gpt gold over 4.4 meters , 64.8 gpt gold over 3.3 meters and 32.5 gpt gold over 5.2 meters ) and Tartan Mine Project ( 17.8 gpt gold over 15.9 meters and 29.1 gpt gold over 10.0 meters ). During Q2 the exploration teams at Grey Fox and Tartan have each made new discoveries near existing underground infrastructure, demonstrating the Company’s ability to further drive organic growth.

Management believes that estimated production will generate sufficient cash flow to self-fund production growth with limited to no share dilution, based on an average price of $4,000 per ounce of gold and $50 per ounce of silver.

Key Project Updates – Path to 250,000 – 300,000 Annual GEOs

Canada

In Canada, McEwen is increasing production guidance at the Fox Complex for the full year to 20,000 – 23,000 GEOs from 16,000 – 19,000 GEOs, with AISC guidance remaining unchanged at $2,650 – $2,850 per GEO. Production is forecasted to grow to 100,000 GEOs by 2029 with the completion of the Stock Mine this year and Grey Fox in 2029. The Company will be developing these projects in phases, using the existing milling facility. Leveraging our current mill will allow us to limit initial capital expenditures versus building a new plant. Our con