Mcewen Inc. · NYSE:MUX
Mcewen — Q1 2026 Earnings Presentation
20 slides from Mcewen's earnings presentation, May 7, 2026
Slide 1: McEwen Generates Strong Q1 Results & Advances Multi-Asset Growth Strategy
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”) to
Slide 2: Production within the existing permits
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
Slide 3: Argentina, McEwen Copper and Highlights of Q1 2026
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.
Slide 4: Adjusted EBITDA and Liquidity & Capital Resources
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 opera
Slide 5: Gold Bar Performance
Gold Bar 7,884 GEOs were produced from the Gold Bar Complex in Q1. Costs were higher than Performance 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 202
Slide 6: Mineral Resource & Exploration Update
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
Slide 7: Trinity Ridge MRE and Exploration at Gold Bar
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 perm
Slide 8: Fig. 1. Plan View of Recent Windfall Drilling
Fig. 1. Plan View of Recent Windfall Drilling McEwen Inc. Page 8
Slide 9: Fig. 2. Windfall Cross Section High-grade Results in Drillhole WF181
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 resul
Slide 10: Fox Complex Mine, Ontario: Exploration at Grey Fox
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. The
Slide 11: Fig. 4. Whiskey Jack Cross Section
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 dri
Slide 12: Fig. 5. Stroud Location and Tartan Mine Project
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 M
Slide 13: Fig. 6. Long Section of Tartan's Main Zone – Selected Drill Highlights
(Expanded the mineralization up to 40 metres west from 500 to 800 meters below surface) Fig. 6. Long Section of Tartan’s Main Zone – Selected Drill Highlights McEwen Inc. Page 13
Slide 14: Drill results table and Management Conference Call
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 proje
Slide 15: Glossary of Terms and Abbreviations
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 defini
Slide 16: Cautionary Note Regarding Non-GAAP Measures
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
Slide 17: Reconciliation of non-GAAP measures to production costs
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 Les
Slide 18: Adjusted EBITDA Reconciliation and Technical Information
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 — L
Slide 19: About McEwen
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 minera
Slide 20: Contact Information
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen. Want News Fast? Subscribe to our email list by clicking here: https://www.mcewenmining.com/contact-us/#section=f