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Form 8-K

sec.gov

8-K — McEwen Inc.

Accession: 0001104659-26-057585

Filed: 2026-05-08

Period: 2026-05-06

CIK: 0000314203

SIC: 1040 (GOLD & SILVER ORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2614010d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2614010d1_ex99-1.htm)

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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

Date of Report (Date of earliest event reported):

May 6, 2026

McEWEN INC.

(Exact name of registrant as specified in

its charter)

Colorado

001-33190

84-0796160

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

150 King Street West, Suite 2800

Toronto,

Ontario, Canada

M5H 1J9

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number including area code:

(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:

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. ¨

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, McEwen Inc.

(the “Company”) issued a press release summarizing its first quarter 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

Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished or filed

with this report, as applicable:

99.1 Press release dated May 6, 2026

104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL

document (contained in Exhibit 101)

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,

2025, 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.

2

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.

Date: May 8, 2026

By:

/s/ Carmen Diges

Carmen Diges, General Counsel

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2614010d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

McEwen Generates Strong Q1 Results &

Advances Multi-Asset Growth Strategy

Net Income $33.4M ($0.56 per Share) vs. Net

Loss $6.3M ($0.12 per Share) in Q1 2025

Internally Funding Key Projects to Double Production

by 2030

TORONTO, May 6, 2026 - McEwen Inc. (NYSE/TSX:

MUX) (“McEwen” or the “Company”) today announced its first quarter financial results for the period ended

March 31, 2026 (Q1), along with an update on its development projects, including an updated Mineral Resource Estimate and strong

exploration results across all sites as the Company is advancing its plan to increase production to 250,000 - 300,000 GEOs by 2030.

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.

McEwen Inc. Page 1

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.

McEwen Inc. Page 2

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.

McEwen Inc. Page 3

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.

McEwen Inc. Page 4

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.

McEwen Inc. Page 5

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:

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.

2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3. 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.

4. 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)

Gold Grade

(gpt)

Contained

Gold

(oz)

Quantity

(‘000 tonnes)

Gold

Grade

(gpt)

Contained

Gold

(oz)

Quantity

(‘000

tonnes)

Gold

Grade

(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.

McEwen Inc. Page 6

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)

McEwen Inc. Page 7

Fig. 1. Plan View of Recent Windfall Drilling

McEwen Inc. Page 8

Fig. 2. Windfall Cross Section High-grade Results in Drillhole

WF181

Trinity Ridge

At Trinity Ridge, located within the current limits

of Gold Bar Mine, the Company is at the early stages of evaluating the potential to expand and merge three existing open pits into one

larger pit.

Recent drill results continue to support the Company’s

development plans for the area, with highlights shown below:

- 1.2 gpt gold over 18.3 meters (RCW) in drillhole PK 105

- 1.1 gpt gold over 15.2 meters (RCW) in drillhole PK 107

- 1.0 gpt gold over 35.1 meters (RCW) in drillhole PK 110

- 1.9 gpt gold over 41.1 meters (RCW) in drillhole PK 115

- 1.7 gpt gold over 21.3 meters (RCW) in drillhole RG053

McEwen Inc. Page 9

Fox Complex Mine, Ontario (100% owned)

Exploration at Grey Fox (Fig.

3, Fig. 4 and Fig. 5)

Early in 2026, drilling at Grey Fox focused on

the Gibson and Whiskey Jack Zones, where the team at McEwen believes mining can be accelerated due

to their location near existing underground infrastructure.

These new

drill results support additional resource growth beyond the pending PFS:

- 6.1 gpt gold over 7.3 meters (TW) in drillhole 25GF-1675

(Infill hole that has demonstrated good

continuity with higher grades)

- 5.3 gpt gold over 7.3 meters (TW) in drillhole 25GF-1611

(Expansion zone hole located 135 meters

north of the Gibson Zone)

- 254.2 gpt gold over 0.8 meters (TW)

in drillhole 25GF-1655

(Located 180 meters from existing Gibson

Ramp infrastructure and remains open for expansion)

- 11.9 gpt gold over 5.7 meters (TW)

in drillhole 26GF-1698

(Expanded the zone by 85 meters vertically

or by 30% and remains open for expansion)

Fig.

3. Gibson and Whiskey Jack Plan View Map

McEwen Inc. Page 10

Fig. 4. Whiskey Jack Cross Section

In 2025, McEwen also completed a 6,500-meter drill

program at the Stroud deposit that was acquired in 2024. Stroud is located 1,500-meters southwest of the current Grey Fox Mineral Resource

area (Fig. 5). The drill program was designed to confirm the historical drilling in order to update the Mineral Resource Estimate, which

is set to be released with the Grey Fox PFS.

Drill highlights are shown below:

- 12.6 gpt gold over 5.9 meters

TW in drillhole 25GF-1653

- 5.0 gpt gold over 13.4 meters

TW in drillhole 25GF-1643

- 4.4 gpt gold over 11.6 meters

TW in drillhole 25GF-1664

McEwen Inc. Page 11

Fig. 5. Stroud Location and Plan View Map

Tartan Mine Project, Manitoba (100% Owned)

Exploration at Tartan (Fig. 6)

On March 23, 2026, the Company released a

Mineral Resource Estimate for the Tartan Mine Project that will serve as the foundation for a potential restart of the mine. The underground

Mineral Resource Estimate outlined 308,900 gold ounces Indicated (2,619,000 tonnes @ 3.67 gpt gold) and 302,700 gold ounces

Inferred (2,832,900 tonnes @ 3.32 gpt gold) with the mineralization open for expansion. New drill results that have been received after

the effective cut-off date for the Mineral Resource Estimate highlight further growth potential and are shown below (Fig. 6):

Tartan Potential at Depth (CW = Core Widths)

- 4.9 gpt gold over 20.0 meters (CW) in drillhole TLMZ26-52

(The fourth deepest hole at Tartan intersected

the West Zone (Footwall to the Main Zone) and expanded the mineralization approximately 80 meters to the west)

Expansion Along Western Flank

- 9.6 gpt gold over 11.9 meters (CW) in drillhole TLMZ26-52W3

- 6.4 gpt gold over 13.8 meters (CW) in drillhole TLMZ26-52W1

- 5.0 gpt gold over 6.4 meters (CW) in drillhole TLMZ26-52

- 4.8 gpt gold over 7.9 meters (CW) in drillhole TLMZ25-51W4

- 4.4 gpt gold over 5.0 meters (CW) in drillhole TLMZ26-52W2

- 3.0 gpt gold over 7.6 meters (CW) in drillhole TLMZ25-51W5

(Expanded the mineralization up to 40

metres west from 500 to 800 meters below surface)

McEwen Inc. Page 12

Fig. 6. Long Section of Tartan’s Main Zone – Selected

Drill Highlights

McEwen Inc. Page 13

For additional information, a table showing all

drill results and locations from our exploration programs at Gold Bar, Fox and Tartan is available on the Company’s website

and can be accessed by clicking here.

Management Conference

Call

Management will discuss our Q1 2026 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,

May 7, 2026

at 11:00 AM EDT

Toll Free North America:

(888) 210-3454

Toll Dial-In:

(646) 960-0130

International Dial-In:

https://events.q4irportal.com/custom/access/2324/

Conference ID Number:

3232920

Webcast Link:

https://events.q4inc.com/attendee/512075068/guest

An archived replay of the webcast will be available approximately

two hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.

Table 3. Q1 2026 Production and Costs1,

Comparatives from Q1 2025 and 2026 Annual Guidance

Q1

Full Year 2026

Guidance

2026

2025

Consolidated Production

GEOs(2) (3)

30,471

24,132

114,000 – 126,000

Gold Bar Mine Complex, Nevada

GEOs

7,884

7,688

39,000 – 43,000

Cash Costs/GEO

$2,460

$1,146

$2,250 – $2,450

AISC/GEO

$2,705

$2,197

$2,350 – $2,550

Fox Complex, Canada

GEOs

5,784

5,520

16,000 – 19,000

Cash Costs/GEO

$2,365

$2,061

$2,200 – $2,400

AISC/GEO

$3,148

$2,504

$2,650 –$2,850

San José Mine, Argentina (49%)(4)

GEOs

14,582

10,924

59,000 – 64,000

Cash Costs/GEO

$2,365

$2,575

$2,000 – $2,200

AISC/GEO

$2,704

$3,047

$2,300 – $2,500

McEwen Inc. Page 14

Notes to Table 3:

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 March 31, 2026, filed on EDGAR and SEDAR Plus.

2. Gold Equivalent Ounces (GEOs) are calculated using gold-to-silver price ratio of 58:1

for Q1 2026 and 90:1 for Q1 2025. 2026 production guidance is calculated based on 77:1 gold to silver price ratio.

3. El Gallo contributed 2,220 GEOs of production in Q1 2026.

4. San José Mine figures represent the portion attributable to McEwen from its 49%

interest in the San José Mine.

Glossary of Terms

and Abbreviations

Au

AISC

B

CW

ft

FS

GEO

gpt

H1

H2

m

M

– gold

– all-in sustaining costs

– billion

– core width

– foot

– feasibility study

– gold equivalent ounce

– grams per tonne

– first half of the year (Jan 1 - June 30)

– second half of the year (Jul 1 - Dec 31)

– meter

– million

oz

PFS

Q1

RCW

Q2

Q3

Q4

t

tpd

tpa

TW

– troy ounce

– pre-feasibility study

– first quarter (Jan 1 - Mar 31)

If not followed by a specific

year, it references Q1 2026

– reverse circulation width

– second quarter (Apr 1 - June 30)

– third quarter (Jul 1 - Sep 30)

– fourth quarter (Oct 1 - Dec 31)

– tonne

– tonnes per day

– tonnes per annum

– true width

McEwen Inc. Page 15

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 U.S. 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 costs, cash cost per ounce, all-in sustaining costs, all-in sustaining costs per ounce, adjusted EBITDA, and average realized

price per ounce 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 activities 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.

McEwen Inc. Page 16

The following tables reconcile these non-GAAP

measures to the most directly comparable GAAP measure, production costs applicable to sales:

Three months ended March 31, 2026

Gold Bar

Fox Complex

Total

(in thousands, except per ounce)

Production costs applicable to sales

$ 19,379

$ 14,711

$ 34,090

Less: costs of externally sourced material processed

(1,712 )

(1,712 )

Production costs applicable to sales (100% owned)

19,379

12,999

32,378

In-mine exploration

84

84

Capitalized mine development (sustaining)

4,274

4,274

Capital expenditures on plant and equipment (sustaining)

1,846

1,846

Sustaining leases

34

34

All-in sustaining costs

$ 21,309

$ 17,307

$ 38,616

Ounces sold, including stream (GEO)

7,877

5,669

13,547

Less: ounces from externally sourced material processed (GEO)

(172 )

(172 )

Ounces sold from own production,  including stream (GEO)

7,877

5,497

13,375

Cash cost per ounce sold ($/GEO)

$ 2,460

$ 2,365

$ 2,421

AISC per ounce sold ($/GEO)

$ 2,705

$ 3,148

$ 2,887

Three months ended March 31, 2025

Gold Bar

Fox Complex

Total

(in thousands, except per ounce)

Production costs applicable to sales (100% owned)

$ 9,094

$ 10,511

$ 19,605

In-mine exploration

67

67

Capitalized underground mine development (sustaining)

7,597

2,338

9,935

Capital expenditures on plant and equipment (sustaining)

665

665

Sustaining leases

13

(75 )

(62 )

All-in sustaining costs

$ 17,436

$ 12,774

$ 30,210

Ounces sold, including stream (GEO)

7,935

5,101

13,036

Cash cost per ounce sold ($/GEO)

$ 1,146

$ 2,061

$ 1,504

AISC per ounce sold ($/GEO)

$ 2,197

$ 2,504

$ 2,318

Three months ended March 31,

2026

2025

(in thousands, except per ounce)

San José mine cash costs (100% basis)

Production costs applicable to sales

$ 77,871

$ 56,588

Site exploration expenses

4,341

1,397

Capitalized underground mine development (sustaining)

5,751

8,761

Less: Depreciation

(218 )

(694 )

Capital expenditures (sustaining)

1,294

920

All-in sustaining costs

$ 89,039

$ 66,972

Ounces sold (GEO)

32,933

21,977

Cash cost per ounce sold ($/GEO)

$ 2,365

$ 2,575

AISC per ounce sold ($/GEO)

$ 2,704

$ 3,047

McEwen Inc. Page 17

The following tables present a reconciliation

of adjusted EBITDA:

Three months ended March 31,

2026

2025

(in thousands)

Net income (loss) before income and mining taxes

$ 33,205

$ (7,349 )

Less:

Depreciation and depletion

7,077

6,171

Loss from investment in Paragon Advanced Labs Inc. (Note 9)

340

Loss from investment in McEwen Copper Inc. (Note 9)

2,074

8,578

Interest expense

2,124

1,309

Adjusted EBITDA

$ 44,819

$ 8,709

Weighted average shares outstanding (thousands)

59,112

53,270

Adjusted EBITDA per share

$ 0.76

$ 0.16

Technical Information

The technical content of this news release related

to financial results, mining, reserves and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of

McEwen Inc. 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."

Technical information pertaining to Gold Bar Mine

Complex exploration contained in this news release has been prepared under the supervision of Robert Kastelic, CPG, McEwen Nevada’s

Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101

"Standards of Disclosure for Mineral Projects."

Technical information pertaining to the Fox Complex

exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., McEwen Ontario’s Exploration

Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards

of Disclosure for Mineral Projects."

Technical information pertaining to resource estimates

and the Tartan Mine Project exploration contained in this news release has been prepared under the supervision of Luke Willis, P.Geo.,

McEwen’s Director of Resource Modelling, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators

National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Analyses reported herein were submitted either

as half core or reverse circulation (RC) chip samples and assayed by the photon assay method either at the accredited laboratories of

MSA Labs (ISO 9001 & ISO 17025) in Timmins, Ontario or Paragon Geochemical (ISO 17025), in either Hamilton (Ontario), Reno (Nevada)

or Vancouver (British Columbia). As part of our regular QA/QC program McEwen Inc. follows a closely controlled and documented Chain of

Custody protocol and submits certified reference materials and blanks in the sample stream for the monitoring and assessment of laboratory

processes and procedures. All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the

geological database.

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’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.

McEwen Inc. Page 18

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 and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina.

McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.

The Company has a 46.3% interest in McEwen Copper,

which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina

– a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the

implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper project is designed to be

one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were

announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon

Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the

Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of

the leading service providers.

Chairman and Chief Owner Rob McEwen has

invested over US$250 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 ultimately 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, 2025, 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.

McEwen Inc. Page 19

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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SOCIAL

MEDIA

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McEwen

Facebook:

facebook.com/mceweninc

LinkedIn:

linkedin.com/company/mceweninc

CONTACT

INFORMATION

X:

X.com/mceweninc

150

King Street West

Instagram:

instagram.com/mceweninc

Suite 2800,

PO Box 24

Toronto,

ON, Canada

McEwen

Copper

Facebook:

facebook.com/

mcewencopper

M5H

1J9

LinkedIn:

linkedin.com/company/mcewencopper

X:

X.com/mcewencopper

Relationship

with Investors:

Instagram:

instagram.com/mcewencopper

(866)-441-0690

- Toll free line

(647)-258-0395

Rob

McEwen

Facebook:

facebook.com/mcewenrob

Mihaela

Iancu ext. 2006

LinkedIn:

linkedin.com/in/robert-mcewen-646ab24

info@mcewenmining.com

X:

X.com/robmcewenmux

McEwen Inc. Page 20

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

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dei_EntityTaxIdentificationNumber

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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dei_LocalPhoneNumber

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Data Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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